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Rachel Cooper
telegraph.co.uk
March 11, 2013
Data from Italy’s national statistics institute ISTAT showed that the country’s economy shrank by 0.9pc in the fourth quarter of last year and gross domestic product was down a revised 2.8pc year-on-year.
The economy was hobbled by chronically weak domestic demand and a fall in inventories, while exports posted modest growth.
Italy has been mired in recession since the middle of 2011 and is not expected to show any [...]
Dec. 13 (Bloomberg) — Steve Forbes, chairman and chief executive officer of Forbes Inc., talks about fiscal negotiations in Washington and the outlook for Italy’s economy. Forbes speaks with Adam Johnson and Trish Regan on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)
Biderman’s Daily Edge – New Year could see immediate recession at worst, slower growth at best
Steve Watson
Infowars.com
Nov 23, 2012
In Greece, with the economy collapsing, the people attempt to push through barricades where their political leaders are meeting:
In the US, with the economy collapsing, the people attempt to push through barricades at Victoria’s Secret to buy panties:
In Spain, with the economy collapsing, the people take to the streets in desperation, where clashes with police break out over austerity cuts:
In the US, with the economy collapsing, the [...]
(Reuters) - Italy‘s economy will shrink about 2 percent in 2012 though signs of recovery could start to appear at the end of the year, Bank of Italy governor Ignazio Visco said in an interview.
Visco had previously expected a 1.5 percent contraction in gross domestic product (GDP), against a government forecast of -1.2 percent and a 2.4 percent decline seen by employers’ lobby Confindustria.
Italy has been in recession since the middle [...]
Istat, the official Italian statistics body, said Italy’s manufacturing business confidence index fell to 86.2 from 89.1 in April, below a consensus forecast of 88.7.
Economists warned that conditions would only worsen, with some of the tax increases introduced by Mario Montin, the prime minister, due to kick in later this year. He has vowed to implement a €20bn (£16bn) austerity plan to eliminate the deficit in the next two years.
“Economic [...]
The ratings agencies are major forces for fiscal tightening, as governments desperately hope to maintain their investment grade ratings and so on.
But now look at this from Moody’s downgrade of Italian banks.
The #1 reason for the downgrade?
Increasingly adverse operating conditions, with Italy’s economy back in recession and government austerity reducing near-term economic demand.
So on the one hand, Moody’s pushes Italy to cut spending. And then on the other hand Moody’s punishes the banks for said spending cuts.
Lovely.
businessinsider
Today we learn that the obvious apparently continues, following a Reuters report that according to an Italian source, Q4 GDP declined more than the 0.2% drop in Q3, and that there was no improvement in Q1 of 2012. In other words, Italy’s economy is now contracting at an at least 0.3% annualized run rate. More as we get it, but it’s not like any details will make the news any less bulllish, [...]
By Clare Hutchison
LONDON (MarketWatch) — Fitch’s Head of Global Sovereign Ratings David Riley said on Tuesday that there is a significant chance of a rating downgrade for Italy in the absence of a credible financial firewall in Europe. Speaking at Fitch’s European Credit Outlook conference in London, Riley said that Italy was the “front line of the crisis” and that the future of the euro “would be decided at [...]
via Independent:
THE SHOCK decision by Greece to hold a referendum over whether to accept the eurozone debt plan pushed Italian sovereign borrowing rates up sharply today.
While German 10-year bond yields fell below 2pc, Italy’s rates shot up to 6.3pc – above the 6pc level considered bailout mode.
The cost of Irish borrowing, although Ireland is currently out of the open markets surviving on the €85bn bailout fund, also rose to over 8.4pc.
Yields [...]
by ZH
Overview
In our view Italy’s current growth prospects are weak, and the political commitment for productivity-enhancing reforms appears to be faltering.
Potential political gridlock could contribute to fiscal slippage.
As a result, we believe Italy’s prospects for reducing its general government debt have diminished.
We have therefore revised the rating outlook on Italy to negative, implying a one-in-three chance that the ratings could be lowered within the next [...]
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