In new pressures on the Italian economy and further agony for the nation to resist market pressures Standard & Poor's downgraded 24 Italian banks and financial institutions on Tuesday. The agency said the move was due to renewed market tensions and expectations for weaker economic growth.

S&P said in a statement In our opinion, renewed market tensions in the euro zone's periphery, particularly in Italy, and dimming growth prospects have led to further deterioration in the operating environment for Italian banks.