The Automatic Earth: June 25 2011: The Future of Physical Gold

The Automatic Earth: June 25 2011: The Future of Physical Gold

Italy has hogged the headlines in recent weeks mostly for political reasons rather than financial ones. But in a few months we may be concentrating on its fiscal woes and unsustainable debt burden. Last week credit rating agency Moody’s announced it was putting Italy on review for a possible downgrade to its Aa2 credit rating. These reviews typically last three months or so, and although a downgrade would still leave Italy at the higher end of investment grade, it is not good news to be sliding down the scale, especially when a sovereign debt crisis is raging further along the Mediterranean coast. The reasoning behind the move by Moody’s was firstly challenges to economic growth, and secondly difficulties in bringing its debt levels down. A lot of attention has focused on a Greek default hitting Portugal and Ireland hardest, but Italy has a public debt-to-GDP of close to 1...

Full article: http://theautomaticearth.blogspot.com/2011/06/june-25-201...

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