S&P Downgrades Italy

    Policemen clash with anti-austerity protesters near the Italian Parliament building in downtown Rome Wednesday, Sept. 14, 2011. The confrontations came as the Chamber of Deputies was holding a final vote on the entire austerity package. Hundreds of people, some hurling smoke bombs, marched through streets near Parliament. Premier Silvio Berlusconi hopes to fend off a financial crisis that could threaten the entire 17-nation eurozone. (AP Photo/Angelo Carconi)

    Angelo Carconi / AP Photo

    Now it’s time for Italians to hate Standard and Poor’s. Monday, the credit agency cut Italy’s debt rating one level to A/A-1 with a “negative” outlook. The move comes as Italy has struggled to cut spending and the debt crisis in Europe continues to worsen. Italy has the second-biggest debt level in Europe, and investors are spooked with fears that the nation will not be able to pay loans. Earlier this year, S&P downgraded the U.S.'s debt rating.

    Read it at BBC