Italy vs. Standard & Poors for 234 BLN Euros

Italy vs. Standard & Poors for 234 BLN Euros
The Italian Court of Auditors, moved against the world's major rating agencies, Standard and Poor's, Moody's and Fitch, ask for a stratospheric damages as a result of their decision to downgrade Italian sovereign debt.
 The downgrading would be carried out according to Our judiciary accounting without calculating the important the Italian artistic heritage
The U.S. agency S & P has confirmed to the Financial Times, the news of the case, describing it as not serious and without merit.
Even a spokesman for Moody's defined without merit move the Court, while Fitch said it would cooperate in the process: "We understand the concerns of the court, but we believe we have always operated correctly and in full compliance with the law." The Court of Auditors will clarify the terms of the legal February 19, and surely there will be great international attention to this legal initiative.

This process could be an unprecedented change at the international level, the power of the rating agencies.
If the Italian government will win this process, in fact, many other states will do the same, derailing the rating agencies and calling into question the entire global financial system.


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