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Italy downgrade intensifies eurozone crisis

09-21-2011 08:30 BJT

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Italy is just the latest in a growing line of European downgrades over the past few years. It follows debt-stricken peers Spain, Ireland, Portugal, Cyprus and Greece. But the timing of this downgrade especially precarious as markets were already on edge over fears that Europe's debt crisis is worsening.

Moreover, Italy is the eurozone's third largest economy - and with a public debt bigger than the combined debts of Greece, Spain, Portugal and Ireland. That makes it far to big to bail out.

The European central bank bought Italian government bonds in August, in a bid to help the country avoid of financial disaster. At the end of August, the IMF lowered the nation's 2011 and 2012 forecasts for economic growth to below 1 percent.

The timing of this downgrade especially precarious as markets were already on edge
over fears that Europe's debt crisis is worsening.

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Editor:Li Wanran |Source: CNTV.CN

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