Moody’s on Italy: Q.E.D.

“The U.S. agency Moody’s announced today that it is evaluating a possible cut of the reliability of Italy as a debtor. Currently, Moody’s rating is Aa2; a future lowering, says the agency, cannot be excluded because of structural weaknesses, likely interest rate rises, and the risks associated the fiscal consolidation plan.”

Q.E.D. (Quod erat demonstrandum, see my post on Roubini.com of June 10)