Italy in Much Better Shape Than Spain: JPMorgan

4:00 AM ET Fri, 13 July 2012

"The fundamentals of the Italian economy are probably in better shape than those of Spain, it is much less reliant on oversees borrowers to fund its debt and it doesn't have the large budget deficit either, but in macro-economic terms Moody was probably justified," Geoff Lewis, global market strategist at JP Morgan Asset Management , told CNBC.