CALDEIRÃO DE BOLSA

As usual, a corrupt and pathetic Moody's continues to boldly not go where everyone else has gone before. Luckily, S&P, which had the balls to cut the US, has just done so to Europe's next domino, by cutting Italy from A+ to A, outlook negative. Some of the choicest words: "In our view, weaker economic growth performance will likely limit the effectiveness of Italy's revenue-led fiscal consolidation program", "We have revised our base-case medium-term projections of real GDP growth to an annual average of 0.7% between 2011 to 2014, compared with our previous projection of 1.3%", "The negative outlook reflects our view of additional downside risks to public finances related to the trajectory of Italy's real and nominal GDP growth, and implementation risks of the government's fiscal consolidation program" and so forth.


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