Europe

Italy downgrade: Your reaction

  • 20 September 2011
  • From the section Europe

Italy has had its sovereign debt rating cut by Standard & Poor's, the latest move in the deepening European debt crisis.

The agency cited Italy's weak growth, criticised Rome's response to the debt crisis so far and said political uncertainty could hamper it in future.

Italians are worried about how it will affect them personally.

Sara Calcagnini, Milan

Photo: Sara Calcagnini, Milan, Italy
"I feel ashamed of the government of my beloved country"

The reasons behind the S&P decision are questionable, but the uncertainty of the Italian political and economical situation is real and dramatically true.

I feel ashamed of the government of my beloved country.

I am not alone. Many Italians who voted for Berlusconi in past elections now would not vote for him.

The exit polls tell us that now the first party at the election would be the non-voter.

It is a shame, historically most Italians always expressed their opinion in voting.

Now the terrible administration of power is creating a distrust toward politics in general, not just toward specific parties.

Stefano Breviglieri, Milan

I work in one of the major financial Italian institutions and the feeling here is one of worry.

While most of us aren't particularly pleased with the new austerity measures, especially as they have been very lenient towards the costs of politics, which is one of the biggest issues as far as public spending is concerned, the move by S&P's will seriously damage our private finance, and bank shares will suffer accordingly.

Unfortunately, political bickering seems to be the only answer to this situation.

Nicolina, Alvito

Photo: Nicolina
View from Nicolina's home, Alvito, Italy

How can making Italians pay more for their borrowing help the country prosper?

The government will just pass this on to the Italian citizens, who find it hard enough to make ends meet here in the south.

Our commune has just implemented a new bin strategy which is not only complicated but costly - this is to meet European recycling standards.

It's laughable when you consider the waste in America and China, the world's two largest economies.

I fear not only Italy, but England and the rest of the west is on a downward spiral.

These people running our countries are only interested in their election prospects ie which party can win.

Surely in this day and age it should be a person the community can trust at the helm, everyone should be pulling together to look after our interest, not purely for political gain or their own pockets.

Mario Giglia, Rome

This move by Standard & Poor's confirms that the current Italian government has no international credibility.

The new measures taken by the government to reduce the national deficit will soon turn out to be ineffective, as Standard & Poor's stated.

I am worried about my own savings and don't know where I should put my money. Also, I have already begun to cut spending.

I think part of the solution lies in President Obama's statement that the richest should pay more taxes. This would be a start.

Vincenzo Trabacca, Milan

Photo:
"Now something must change"

We all feel like a boat in a stormy sea, without a captain.

This is the feeling of all the Italian people that work hard every day.

I'm working and I feel confident business-wise.

I just would like to have a more stable political situation with some tough decisions taken soon, to make the situation better and to make sure that the next generation can have a better country.

I hope they understand that now something must change.