Fitch Ratings slashed its rating from “stable” to “negative” after Italy’s new populist leader Matteo Salvini vowed to cut tax.
Italy remains defiant with the Lega-Five Star Movement coalition saying it could even breach the EU’s budget limits to carry out its election promises.
Branding the coalition a government of “new and untested nature”, Fitch said Italy could easily plunge into economic crisis due to a shock, be that a short-run fluctuation or a significant change of economic growth.The agency said: "Fitch expects a degree of fiscal loosening that would leave Italy’s very high level of public debt more exposed to […]
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