Italian governor reviews uncertain outlook as Moody’s downgrades


Ignazio Visco, governor of the Bank of Italy, gave a mixed assessment of the domestic economy in a speech on Wednesday, in which he said banks were making progress but various downside risks remained. The speech preceded an announcement from Moody's, a rating agency, of its decision to downgrade Italy's government debt two notches, from A3 to Baa2, by two days.

Speaking at the annual meeting of the Italian Banking Association, Visco described Italy's continuing difficulties, saying that GDP was

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