S&P Italy downgrade new blow for distressed Europe
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Standard & Poor's cut its unsolicited ratings on Italy by one notch on Tuesday, a surprise move that sharply increases strains on the debt-stressed euro zone and piles pressure on policymakers to take more decisive action to resolve the crisis.
Analysts said the downgrade was ominous for the global economy and needed an urgent response. It overshadowed reports that Greece, scrambling to avoid running out of money within weeks, was near a deal to continue receiving bailout funds and that Brazil was willing to pump in $10 billion through the IMF to aid Europe. (Reuters)
