A major ratings agency has cut Italy’s credit rating by 3 notches.
Moody’s is blaming an increase in long-term funding risks for the euro area for the decision.
The news is expected to be amongst the issues discussed at a meeting today between the German Chancellor Angela Merkel, EC President Jose Manuel Barroso and European Economic Affairs Commissioner Olli Rehn.
Meanwhile,
Public services in Greece will be crippled today as workers there begin a 24 hour strike against the country’s austerity measures.
Schools and hospitals will close and for the first time this year – air traffic controllers will join the stoppage causing widespread disruption at Athens Airport.
Thousands are also expected to gather for a mass demonstration in the Greek capital
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