The latest in a rash of credit rating reductions that has ensued since the onset of the Eurozone sovereign debt crisis occurred on July 9. One of the three major global credit ratings agencies, Standard & Poor’s, has cut its valuation on Italian government debt. Rome’s credit rating was cut from BBB plus to BBB. In addition to reducing the Italian sovereign debt credit rating by one notch, S & P posted a negative outlook on the Italian fiscal situation.
Italy is one of the so-called PIIGS nations, those entities in the Eurozone most vulnerable to fiscal and economic shocks. Despite the illusion that the European Central Bank has everything under control, Italy-like many other Eurozone nations, remains gripped and economically paralyzed by the ongoing sovereign debt crisis.
If Hillary Clinton runs for President of the United States in 2016, see the video about the book that warned back in 2008 what a second Clinton presidency would mean for the USA:
HILLARY CLINTON NUDE
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the official trailer YouTube video for “Wall Street Kills,” click image below:
In a world dominated by high
finance, how far would
Wall Streetgo in search of
profits? In Sheldon Filger’s terrifying novel about money, sex and murder, Wall Street has no limits. “Wall Street Kills” is the ultimate thriller about greed gone mad. Read “Wall Street Kills” and blow your mind.
The largest of the so-called PIIGS nations ( those members of the European Monetary Union most impacted by the sovereign debt crisis plaguing the Eurozone) is Italy. Moody’s Investors Service has just handed the government in Rome a wet blanket of bitterness. Italian sovereign debt has been downgraded by Moody’s two notches, from A3 to a level barely above junk bond status, Baa2. No matter how artfully the politicians in the Eurozone spin the news, this is a clear manifestation by the market of complete lack of faith in the credit worthiness of the largest PIIGS nation.
Putting the latest downgrade in perspective, it is clear that the contagion stemming from the Eurozone debt crisis was never contained in Greece, or subsequently ring-fenced in Ireland and then Portugal by massive taxpayer-funded bailouts. It’s clear that this devastating sovereign debt crisis is now corroding the fiscal life of Spain and Italy, and bear in mind that not even all the printing presses of the European Central Bank can impede the coming revolt of the bond vigilantes. We are facing a sovereign debt crisis, not a liquidity crisis, and money printing by central bankers is as useful in such a crisis as are water pistols in an artillery duel.
To view the YouTube music video for “Wall Street Kills,” click image below:
YouTube
