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To: CommanderCricket who wrote (157209)	9/19/2011 11:39:22 AM
From: Dennis Roth	Read Replies (1) of 206187

OT: Italy’s Austerity Drive — Too Little, Too Late Euro Weekly 16 September 2011 ¦ 16 pages ir.citi.com ‘Italy has suffered major credibility losses these past two months’, rues *Economist* Giada Giani, ‘and with the ECB’s target of preserving euro area financial stability increasingly clashing with that of enforcing sound economic management in member countries, this will inevitably call for more spread widening in Italy, but also for more negative repercussions throughout the rest of the financial system... rating agencies are re-assessing the Italian rating (Moody’s in particular)... we reckon at least a one-notch downgrade, with a decent probability of two... soon’. === So once we finish worrying about Greece we can move on to Italy. Or maybe the French Banks... France’s banks lose their Street cred blogs.reuters.com It’s looking increasingly as though the proximate cause of the next big global crisis is going to be a liquidity crunch at French banks, rather than a European sovereign default.

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