Standard & Poor’s issued a warning that it is reviewing the credit rating of the all Eurozone members and could downgrade the credit rating of the collective if this week’s meeting fails to provide a clear path to recovery.15 of the 17 Eurozone countries – including the two largest, Germany and France – have been placed on a negative credit watch. This is often the first step to a downgrade.
The move was “prompted by our (S&P’s) belief that systemic stresses in the eurozone have risen in recent weeks to the extent that they now put downward pressure on the credit standing of the eurozone as a whole,” the ratings agency said in a statement.
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