Economy

DemReadingDU

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57. S&P Downgrades 34 Of 37 Italian Banks

Fri Feb 10, 2012, 02:51 PM

Feb 2012

2/10/12 S&P Downgrades 34 Of 37 Italian Banks

S&P just downgraded 34 of the 37 Italian banks it covers. Below is the full statement. And so get get one second closer to midnight for Europe's AIG equivalent: A&G. As for S&P, this is the funniest bit: "We classify the Italian government as "supportive" toward its banking sector. We recognize the government's record of providing support to the banking system in times of stress." Even rating agencies now have to rely on sovereign risk transfer as the only upside case to their reports. Oh, and who just went balls to the wall Italian stocks? Why the oldest (no pun intended) contrarian indicator in the book - none other than permawrong Notorious (Barton) B.I.G.G.S.

edit - click link to read statement
http://www.zerohedge.com/news/sp-downgrades-34-37-italian-banks-full-statement

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