Italy has attacked credit rating agency Standard and Poor's for raising fears that the country could follow Greece, Portugal and Ireland into a sovereign debt crisis.
Giulio Tremonti, Italy's finance minister, described S&P's decision to downgrade the outlook on Italy's government debt from stable to negative as "strange".
He said the move – which sparked economic concerns in Rome – lacked "even one example of a decline in the economy or public finances to justify downgrading the forecast".
The Italian Treasury said the European Commission, the International Monetary Fund (IMF) and the OECD had passed "very different" judgements on Italy's financial health.
The downgrade of the outlook means there is a one-in-three chance that Italy will be downgraded within the next 24 months.
S&P's said it cut its forecasts because of fears that Italy's fragile centre-right coalition government may struggle to cut the country's vast public deficit.
The Telegraph
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