S&P Downgrades 15 Italian Financial Institutions, Says Country Faces Deeper Recession Than Previously Thought…(We’re Shocked!!!)

Friday, August 3, 2012
By Paul Martin

by Tyler Durden
ZeroHedge.com
08/03/2012

It is late in the afternoon on a Friday, which means one thing: it is time to dump all left over bad news under the rug. Sure enough, here comes S&P. From Bloomberg:

S&P CUTS RATINGS ON 15 ITALIAN FINL INSTITUTIONS
S&P TAKES RATING ACTIONS ON 32 ITALIAN FINL INSTITUTIONS
BANCA MONTE DEI PASCHI DI SIENA SPA CUT TO BBB-/NEGATIVE/A-3
BANCA POPOLARE DI MILANO SCRL CUT TO BB+/NEGATIVE/B BY S&P
S&P SEES ITALIAN BANKS’ VULNERABILITY TO CREDIT RISK RISING
S&P SAYS ITALY FACES POTENTIAL DEEPER RECESSION THAN IT THOUGHT

Full release:

The Rest…HERE

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