Italy is in pole position to be downgraded by rating agency Fitch. Eurozone countries expect the end of January to see who will undergo changes in the countries rating.

Italy is the most vulnerable, because the governors have not yet implemented tough measures to prevent the spread of the crisis. Italy’s borrowing costs on financial markets have increased and the interest rates to jump over 7% reaching. Italy needs to sell in 2012 bonds worth 440 billion euros, which will be very difficult operation, considering the interest.

France escaped the Fitch’s ax, which announced Tuesday that the state led by Nicolas Sarkozy will not be downgraded in 2012. Returning to Italy, Prime Minister Mario Monti started to put pressure on Germany and France, to make place in their coalition. Italy is the third eurozone economy and Monti wants more rights for the state he governs.

If Italy would be downgraded, it would mean even greater costs for the country to borrow from the financial markets. Interest on bonds would increase even more, and Italy’s economy would suffer greatly. In the same situation with Italy are also Belgium, Spain, Slovenia, Ireland and Cyprus.

“Italy needs to convince investors that can grow in the eurozone as a competitive country, not only a country that proposed austerity measures,” said David Riley, one of the leadears of rating agency Fitch