According to a bunch of financial newspapers, the credit rating company S&P downgraded on Friday Italy’s credit rating from A+ to A with a looming outlook in which the country will have difficulty escaping weak economic growth. In other words, the government’s fragile financial surroundings, as Europe’s second-biggest debtor, could lead to a spillover effect of inviting credit collapse of other EU nations.
How, What, and Why has this country been placed in such a pitiable situation?
There is no doubt that Italy has built its great national image. Economically speaking, it is ranked the world’s eighth-largest nominal GDP, tenth highest GDP, and one of the top five highest government budgets in the world. Even politically, the country is a member of G8 and one of the lead countries of Eurozone.
Culturally, Italy is the home of the greatest number of UNESCO World Heritage Sites with the Coliseum, the Pisa Tower, and invaluable arts of Michelangelo, Leonardo da Vinci, Botticelli, and Raphael. In addition, without mentioning Italian luxury brands, the country’s global brand power would not be explainable: Versace, Gucci, Armani, Prada, Fendi, Pagani, Maserati, Lamborghini, Ferrari, and so on.
Known for a high standard of living, romantic culture, and fluent technologies of modern industries, Italy and its allies would have never predicted this much hardship. There should be a lot of niceties of the current turmoil, but politics should be the first to be blamed, especially the head honcho of the nation: Silvio Berlusconi, 74, Italy’s third richest man with the estimated fortune of $9 billion. Wiretapped by an unidentified agency, Berlusconi told a convicted cocaine dealer that he had sex with eight women in one night and he is “only prime minister in his spare time.”
My great sympathy to people in Italy.
one more.. handsome good looking Italians..
ReplyDeletethey have everything!! huh?