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As Italy struggles to form a government, Moody's threatens downgrade
Italy’s prime minister-designate labored to finalize his cabinet team on Friday, as markets tumbled and ratings agency Moody’s threatened a sovereign debt downgrade on fears the incoming government will embark on a spending spree. Giuseppe Conte, a political novice with no managerial or administrative experience, was given a mandate on Wednesday to form a government made up of the anti-establishment 5-Star Movement and the far right League, following inconclusive elections in March. The two parties have agreed a program that includes slashing taxes and ramping up spending, which prompted Moody’s late on Friday ... (full story)