Italy's credit rating downgraded

 

Italy criticised Standard & Poor's for downgrading its credit rating, saying the decision seemed politically motivated and out of touch with reality at a time when the government was working to boost growth and reduce its debts. The Business Secretary Vince Cable admitted the gloomiest scenario is that Britain could plunge into a new financial crisis prompted by the collapse of the Greek and other eurozone economies at The Independent fringe meeting. Late Monday, S&P cut Italy's credit rating by one notch to A from A+ in light of what it sees as the country's weakening economic growth prospects and higher-than-expected levels of government debt.