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Italy already in recession, says Fitch

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Italy already in recession, says Fitch

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The efforts of Italy’s new administration to turn around the economy may have come too late to save it from recession, according to ratings agency Fitch. It says the country may already be in negative growth, and that the situation could become worse as the eurozone debt crisis continues.

It believes the new government faces an uphill task in pushing through tough reforms amid rising unemployment, and that that will further undermine investor confidence.

However, Fitch views an Italian sovereign debt default as unlikely.