BBC News: Reports on the cut in the credit rating of Italy by the credit agency S & P. This was a surprise development folks, it had been rumoured that another credit agency Moody’s would downgrade the Italian worthiness, it can be postulated that Moody’s will follow the S&P line when it comes to Italy, the agencies on the whole tend to sing from the same page. The Markets have not taken a fall with this news, that is quite a surprise, either they know something we don’t or they have blind faith that something will turn up to save Greece and Italy. The latest news on Greece is that the EU,IMF and the European Central Bank is having further talks with the Greece, it could be that the want to trust Greece as not to would mean a major crisis for the Euro and the EU. But blind faith can only take you so far folks, if there is no substance you are in free fall.
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