2 1 min 10 yrs

 

What a shocker.

The Italian government’s credit rating has been slashed by Moody’s from Aa2 to A2 with a negative outlook. The ratings agency blamed a “material increase in long-term funding risks for the euro area”, due to lost confidence in eurozone government debts. Despite Rome’s low current borrowing needs, and low private-sector debt levels in Italy, Moody’s said market sentiment had turned against the euro.

Erm, sorry but that’s not quite the full story here.

Let me expand the argument. The REASON Italy has been downgraded by Moody’s is that it’s PUBLIC SECTOR debt stood at a startling 116% of GDP last yea, the second worst after Greece. Then there is the endemic corruption. Then there is the total failure to reduce the growth of State borrowing.

So, the only surprise is that it has taken this long. The Euro dominos will fall, Merke can go whistle.

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2 thoughts on “THE ITALIAN JOB…

  1. Yup Peter,

    First it was Greece. Now Portugal, Ireland and Italy are teetering on the brink. The French and Germans are tiring of the “ah suren, it’ll be all right on the day” dance and will begin to distance themselves from the economic lepers sooner than later.

    I can’t wait till the disintegration accelerates and the entire malignant mess falls.

    Socialism, with it plethora of “entitlements” is a parasitic fiscal culture, which dictates the “rich” must act as the host for the money-sucking, unevolved, 3rd world countries.

    Sure it’s grand at first. Ireland, for example, stole billions in the 1990’s and early 2000’s. Now the grim reaper they act like little spoilt children when their parents take away the sweets. Tantrum time. Roll around the floor, screaming. In Ireland it works. After all the parents want to get moving to the pub/disco so they off the brat anything to assuage its maleficent behaviour. That’s the culture. Now they’re in the ring with the “big-boyos” they’ll go down for the 10-count.

    OOOOOOH, I can’t wait. My loins are beginning to get moist at the very thought of the “live for today, the hell with tomorrow” countries turn into morasses of economic primordial soup.

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