Quantcast
Latest Stories

Standard & Poor’s downgrades 34 Italian banks



PARIS—Standard and Poor’s on Friday lowered the credit rating of 34 Italian banks in a move that follows the agency’s two-notch downgrade of Italy on January 13.

Italy’s biggest financial institutions were hit including UniCredit, Intesa Sanpaolo, Banca Nazionale del Lavoro and Mediobanca. In January, Standard and Poor’s downgraded Italy’s credit rating by two notches to BBB+ from A.

Since coming to power in November, Prime Minister Mario Monti has pushed through a harsh austerity plan and has asked for European assistance in helping to drive down borrowing costs for Italy on the debt markets.

The efforts have helped bring Italy’s 10-year borrowing rate closer to 6.0 percent after hovering around 7.0 percent late last year, a level largely understood to be unsustainable.

With sky-high public debt and an economy headed into a recession, Italy faces a daunting challenge this year as it needs to raise around 450 billion euros ($571 billion) on the markets at higher than usual rates.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Banking , banks , Italy , Ratings



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • After quake, makeshift churches welcome pilgrims in Bohol
  • UN warns banana fungus spreading from Southeast Asia
  • Massive infra spending set
  • ‘No real progress in PH if dynasties not dismantled’
  • Cardinal Tagle to faithful: Join politics to clean it
  • Sports

  • Federer would skip tennis to be with wife, newborn
  • Manny Pacquiao in PBA? If so, he’ll wear No. 17
  • PSC sets Blu Girls US training
  • Power Pinoys settle for 7th place
  • Successful coaches to get raise
  • Lifestyle

  • ‘Labahita a la bacalao’
  • This is not just a farm
  • Clams and garlic, softshell crab risotto–not your usual seafood fare for Holy Week
  • Moist, extra-tender blueberry muffins
  • The truffled mac ‘n’ cheese, eggs benedict, chicken leg confit are excellent
  • Entertainment

  • Why Lucky has not bought an engagement ring for Angel
  • Derek more private with new girlfriend
  • ‘Community’ star happy with return of show’s creator
  • Jealousy is kid stuff
  • Mommy-daughter adventure continues
  • Business

  • PH presses bid to keep rice import controls
  • PSEi continues to gain
  • Number of retrenched workers rose by 42% in ’13
  • PH seen to sustain rise in FDIs
  • Gov’t subsidies to state firms fell in first 2 months
  • Technology

  • Smart phone apps and sites perfect for the Holy Week
  • Tech company: Change passwords or suffer ‘Heartbleed’
  • Filling the digital talent gap
  • SSS to shut down website for Holy Week
  • Another reason to quit social media this Holy Week: your safety
  • Opinion

  • Editorial cartoon, April 17, 2014
  • A humbler Church
  • Deepest darkness
  • ‘Agnihotra’ for Earth’s health
  • It’s the Holy Week, time to think of others
  • Global Nation

  • First Fil-Am elected to Sierra Madre, Calif. city council
  • UC Irvine cultural night to dramatize clash of values in immigrant family
  • Filipino sweets and info served at UC Berkeley Spring Fest
  • Milpitas, California kids wrap up a successful run of ‘The Wiz’
  • Netizens welcome Japan’s visa-free travel plan
  • Marketplace