The governments of Belgium and France have said they will do all they can to keep the massive Dexia bank afloat, as uncertainty in Italy continues the woeful times for the European markets.

Moody's investor service yesterday downgraded Italy's sovereign debt by three notches to A2 from Aa2 with negative prospects. It is the first time since 1993 that Moody's has downgraded the country.

While however this development had been largely discounted, the rating agency surprise...

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