Italian credit

Whether Italy is credit worthy has first to be checked. The US rating agency S&P has lowered the rating outlook from “stable” to “negative”. It is true that the dynamics of the public debt are lower in Italy than in Greece, Ireland and Portugal, but you would have to ask yourself whether Italy is capable of reducing the high indebtedness (in the past year: 119 % of the GDP) in the foreseeable future back to a sustainable level. The reform programs presented by the Italian politics for the credits would have to be fulfilled with concrete measures.

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