Italy's credit rating dropped to A2

With the global economy continuing to worsen the euro has been particularly hit hard. According to the BBC Italy's credit rating has gone from A2A to A2.  Another drop in the Euro of 0.5% now places the Euro at  precarious low levels.  The drop in the Moody index rating couldn't have come at worse time for the Euro and the EU general financial outlook.  Even though Italy's need for borrowing may be low right now , this is still bad news for a global economy that can't seem to shrug off the stagnation. In the American market the Dow Jones was down around 400 points around 3 pm.  Luckily a late rally ended the Dow up about 180 points. Big late rally for the Dow. Germany in particular should be concerned about Italian downgrades as they , along with the Euro banks , will bear much of brunt of a collapsing Euros.  Germany cannot , however, nor should they be expected to, continue to bail out the European banks, countries and economies. These countries will have to stand on their own accord and give the Germans a break. They are being penalized for keeping their own house in order.

On the lighter side Tommiegriggz Band is going on a major tour starting in January. Lets give a little support to a south Jersey native.