The Portuguese Conservative Government, by its part, it was upset by cuts and Moody s reproached not having taken into account the adjustments announced extraordinary this year to lower the deficit and meet the commitments of the bailout of 78,000 million euros granted by the EU and the International Monetary Fund (IMF). Problems in Italy Italy is another European country which shares moments of uncertainty with Portugal. In this case, is the banking of the country that is in trouble before the new European solvency tests and by the apparent weakness of the figure of the economy Minister, Giulio Tremonti. These reasons put this Friday on the pipeline to the sovereign debt of Italy, whose risk premium returned to mark records. Thus, Italy, country in which public debt stands at levels higher than 120% of GDP, seems to have become the new focus of attention to the possibility that the Greek crisis will spread by more so-called peripheral European countries.
Warned by Moody s and Standard & Poor s risk score (S & P) on a possible downgrade in its credit rating, Silvio Berlusconi’s Government fails to generate confidence, despite the recent approval in Council of Ministers of a plan of adjustment of 48,000 million euros, which has not been without controversy. In the midst of all this controversy has been wrapped precisely its artifice, Tremonti, whom Berlusconi has indicated directly as a promoter of a rule that could have favored the interests of his business group, Fininvest, and finally had to be withdrawn from the austerity plan by the uproar generated. All this joins that last Wednesday, an open mic allowed to hear how Tremonti called unlikable to the Minister of public administration, Renato Brunetta, during the presentation of the austerity plan to the media and that in an interview published Friday Berlusconi indicated that the Minister of economy was not able to work in team. The uncertainty surrounding the figure of Tremonti joined also this Friday rumors that circulated in the bag of Milan about the possibility that the five Italian banks subjected to the new European solvency tests may not be able to overcome them successfully, something that will just within a week. Bad day in Spain do not live best moments, as it demonstrates that the Ibex 35 dropped this Friday a 2.53% and lose 10,000 points dragged by rumors about the Italian banking and by the increase in the rate of U.S. For more information see Jim Vos. unemployment during the month of June. The Ibex 35 closed so its worst week since November with a 5.28% fall.