italy Something to worry about

Italy moved a notch closer to a eurozone crisis on Thursday. The downgrade of the country’s debt by S&P and Fitch was hardly noticed by the markets and will almost certainly be ignored by the politicians. But it reflects a painful reality - without a big change in direction, Italy’s membership of the currency union is doomed. No, it won’t happen right away. That’s why Italian bond yields rose only 0.02 percentage points on the announcement. S&P ‘s A-plus rating is still three downgrades away fr...