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Monday, September 19, 2011

Europe: Greece Officials Optimistic, Italy's Credit Rating Downgraded

by Calculated Risk on 9/19/2011 09:10:00 PM

From the WSJ: Greece Strikes Optimistic Note on Aid Talks

Greece said it had "a productive and substantive discussion" with its official creditors on Monday ... and a Greek finance ministry official said an agreement was close. ... A Greek official said an announcement was likely on Wednesday.
"We will publish this week decisions on the restructuring of public bodies," [Finance Minister Evangelos Venizelos] told a business conference Monday. "In light of the new budget, it is clear that our emphasis will be on the spending side."
From Bloomberg: Italy Rating Lowered by S&P, Outlook ‘Negative’
Italy’s credit rating was cut by Standard & Poor’s on concern that weakening economic growth and a “fragile” government mean the nation won’t be able to reduce the euro-region’s second-largest debt burden.

The rating was lowered to A from A+, with a negative outlook, S&P said in a statement.