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Matt Levine

Rating Italy's Debt Hardly Seems Worth the Trouble

Next time S&P downgrades Italy it should do it in a coffee-table book about Caravaggio, that'll show them.

Today's looniest financial story is surely that Italy's state auditor, the Corte dei Conti, has opened an investigation into Standard & Poor's, Moody's and Fitch for downgrading Italy's debt over the past couple of years. Loony first of all for the reasoning:

But also for the size of the claim: "Standard & Poor's revealed on Tuesday it had been notified by Corte dei Conti that credit rating agencies may have acted illegally and opened themselves up to damages of €234bn." Two hundred and thirty-four billion euros! Obviously I typed that with my pinky on the corner of my mouth.