Revelation 6:3-4 NCV When the Lamb opened the second seal, I heard the second living creature say, "Come!" Then another horse came out, a red one. Its rider was given power to take away peace (prosperity, rest) from the earth and to make people kill each other (butcher, slaughter, to maim violently, in streets), and he was given a big sword (assassins sword, terrorist, loud, mighty, sore afraid).
Standard & Poor’s Ratings Agency has downgraded Italy one step as the EU nation’s economy continues in a downward spiral.
S&P said the continued weakness of the Italian economy was the reason behind the cut from BBB+ to BBB. The ratings agency said that their expectation of the Italian economy had downgraded to a 1.9% contraction, significantly worse than previously forecasts.
Italy’s economy has been in recession since 2011. The eurozone’s third largest economy is facing unemployment running above 12%.
“In our view,” read the S&P report, “the low growth stems in large part from rigidities in Italy’s labor and product markets.” It noted that Italy’s labor costs have jumped more than any other eurozone nation.
Italian Prime Minister Enrico Letta commented on the nation’s downgrade during a national address on Italian TV.
“It’s proof that the situation is still complex and Italy remains under special observation,” Letta said.
