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| Unicredit Banca in Italy |
The banks of Italy are having credit ratings cut by Moody's. Moody's is some kind of Canadian credit agency. They are known for their popular website:
http://www.moodys.com/Pages/default_ca.aspx. Unicredit, which is Italy's largest bank, had the highest cut of credit ratings. A total of 26 Italian banks were cut of credit. According to BBC News, Italy's economy is contracting while the government also tries to reform the nation's public sector. UniCredit and Intesa Sanpaolo are responsible for one third of the Italian banking market therefore, people are greatly affected by this issue. All banks of Italy are now on watch for the Moody's which means further downgrades are still possible. The Moody's are saying Italy now has one the lowest credit ratings in Europe. They are hoping to regain their credit ratings very soon.
http://www.bbc.co.uk/news/business-18067581
That’s really interesting Jenn! Is Italy’s economy not doing to well like Greece’s? France’s economy is not doing too well either. They just elected a new president, which he now plays a crucial part in France’s future. He is collaborating with the Germans. This was a great blog Jen I hope to read more on Italy!
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