The Eurozone faced further turmoil on Saturday after nine of its member states were hit with a credit rating downgrade, including France. Ratings agency Standard & Poor's criticised European leaders for not doing enough to avert the debt crisis.
REUTERS - Standard & Poor’s hit the euro zone with a downgrade of half the countries in the single currency area, including formerly AAA-rated France, and it questioned the strategy of its political leaders for dealing with their two-year old debt crisis.
European Commisioner 'surprised' by downgrade
The European commissioner in charge of the internal market, Michel Barnier, said Saturday he was "surprised" by the timing of Standard and Poor's ratings downgrades of several countries just as the eurozone is in the process of toughening budget rules.
"While all the governments and all the European institutions are working" to reinforce discipline in public finances and the governance of the monetary union, "I am surprised at the moment chosen by the Standard and Poor's agency, and fundamentally of its evaluation which does not take into account recent progress," said Barnier in a statement sent to AFP.
Date created : 2012-01-14