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Reply #43: EU Leaders Attack Standard and Poor's After Ratings Warning [View All]

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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Dec-06-11 07:36 AM
Response to Reply #23
43. EU Leaders Attack Standard and Poor's After Ratings Warning
http://www.spiegel.de/international/europe/0,1518,80197...

European share prices and the euro fell on Tuesday after ratings agency Standard Poor's warned it may downgrade 15 of the 17 euro-zone nations, including triple-A nations like Germany, as a result of the euro crisis.

European policymakers criticized the timing of the announcement, just three days ahead of a make-or-break EU summit on Thursday and Friday, and said the agency hadn't taken into account proposals for far-reaching reforms of the euro zone's debt rules agreed by the leaders of France and Germany on Monday.

Standard & Poor's had warned late on Monday that it may carry out an unprecedented mass downgrade of euro-zone countries if EU leaders fail to reach an agreement on how to solve the debt crisis at this week's summit.

Luxembourg Prime Minister Jean-Claude Juncker said the S&P announcement was "like a knockout blow" to countries that were cutting their budget deficits.

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