Italy in very clear credit crunch, says S&P

2013 set to be another year of recession, according to agency

Italy in very clear credit crunch, says S&P

Milan, June 6 - Standard and Poor's chief economist for Europe, Jean-Michel Six, said Thursday that "Italy is in a very clear situation of credit crunch". He added that 2013 will be another year of recession for Italy, with the ratings agency forecasting negative growth of 1.5% this year. "In 2014 we'll see the start of a very weak recovery," Six said at a conference in Milan. "The basis for a real recovery can come, above all, from true monetary, banking and fiscal coordination (in the eurozone)".

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