2011-09-20 15:00:17

Eurozone crisis continues


The Standard and Poor’s agency downgraded Italy’s debt rating last week, adding tension to an already stressful European financial situation. The ratings agency cites fears over Italy's ability to cut state spending and return public finances to health, given its low growth prospects. Italy’s Prime Minister, Silvio Berlusconi responded to the news with a statement saying that Standard & Poor's decision to downgrade its unsolicited ratings on Italy did not reflect reality and said his government is already preparing measures to spur growth. The Italian development comes as Greece remains in talks with the IMF and the EU over steps to secure the latest tranche of its bail-out funding. Listen RealAudioMP3







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