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Italy Will Agree To Disagree On S&P Downgrade

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The Italian government reacted angrily Tuesday to the decision by the credit rating agency Standard & Poor’s to downgrade its debt, describing the move as out of touch with reality...Prime Minister Silvio Berlusconi’s office issued a statement early Tuesday noting that his government had a solid majority in Parliament. It said the government was preparing steps to lift growth and recently passed measures to control public finances through tax increases and spending cuts. “The evaluations of Standard & Poor's seem dictated more by behind the scenes reports in newspapers than reality and seems influenced by political considerations,” the statement said. [NYT]