Moody’s has threatened to downgrade 18 Italian banks, if they choose to downgrade the Italian sovereign, according to Reuters.The banks include some big names, like Intesa Sanpaolo, Banco Popolare Societa Cooperativa, and Banca Monte dei Paschi di Siena.
And it doesn’t look like the Italian sovereign will get its debt situation in check anytime soon. President Berlusconi just passed a stimulus package that will raise, not cut the country’s debt in the immediate term. And while that government spending may encourage growth, Moody’s isn’t concerned about that.
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