Video: EU downgraded despite draconian cuts -- again part of Moody's issues negative outlook on Germany, Netherlands, Luxembourg

Video Related To: Moody's issues negative outlook on Germany, Netherlands, Luxembourg

Berlin : Germany | over 1 year ago
15 PM EDT Last updated Monday, Jul. 23 2012, 5:15 PM EDT Moody's Investors Service on Monday changed its ratings outlook to negative for Aaa-rated Germany, the Netherlands and Luxembourg,...
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EU downgraded despite draconian cuts -- again

Moody's ratings agency has downgraded six EU countries and lowered outlook for three more after Greece passed a new austerity package. This isn't the first time ratings have been downgraded on the heels of measures aimed at fighting crisis in Europe. Moody's downgraded Italy, Spain, Portugal, Slovakia, Slovenia and Malta and lowered its outlook for France, Britain and Austria to negative from stable. It says the downgrade is due to uncertainty over European Union financial reforms, the region's weak economic outlook and the resulting pressure on fragile markets. However, downgrades appear to come only after EU countries take new steps to fight the crisis. Exactly a month ago, on January 13, another influential rating agency, Standard & Poor's downgraded France and 8 other countries. This came days after French and German leaders met in Berlin and agreed to sign a new "fiscal compact." The pact would allow Brussels to take individual member states to court if they exceed a budget deficit of 3% of national GDP. European politicians have long criticized the agencies, especially those based in the US. German Foreign Minister Guido Westerwelle has even called for creating an independent European ratings agency. European Industry Commissioner Antonio Tajani says the agencies "work for the dollar" by constantly downgrading the credit ratings of European countries. The commissioner accused them of "blackmail," referring to their announcement of downgrades before the EU summit on <b>...</b>
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