View more on these topics

Moody’s slashes Italy’s credit rating

Moody’s has cut Italy’s rating by three notches from Aa2 to A2, putting more pressure on the global markets.

The ratings agency blamed a “material increase in long-term funding risks for the euro area”, due to lost confidence in eurozone government debts.

Fellow ratings agency Standard & Poor’s has already cut its rating on Italy to a single A.

According to the BBC, Italian prime minister Silvio Berlusconi said the decision was expected.

Berlusconi said: “The Italian government is working with the maximum commitment to achieve its budget objectives.”

He said that a plan to balance the government’s budget by 2013 had been approved by the European Commission.

Recommended

10

Would refundable FOS complainant fees work?

The Government’s new plan to make employees taking their employer to a tribunal pay a refundable fee has left a few people wondering if this idea should be applied to financial services complaints. Under George Osborne’s plans, a fee of between £150 and £250 would be levied on employees to launch an employment tribunal case […]

1

MM leader: Europe could undermine RDR plans

It was always likely that some tough negotiations would be required by the FSA to ensure the RDR is not derailed by European legislation. A leak of the latest draft of Mifid II, revealed last week by Money Marketing, highlights the size of the task. It suggests the European Commission is looking to ban commission […]

1

Poor quality default funds are putting DC pension pots at risk

The prognosis does not look good for workers in defined-contribution schemes. Many US workers, who were early adopters of DC, are already waking up to the fact that their pensions are not what they had hoped for. In the UK, the past decade of volatile equity markets and tumbling annuity rates have rammed home how […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment