What it means: France and eight other countries saw a rating downgrade from credit rating agency, Standard & Poor. Global rating agencies put sovereign ratings on the basis of various factors like macro-economic fundamentals, budget management and ability of governments to take swift actions in crisis situations.
The S&P action indicates that Europe's sovereign debt woes were far from over. The crisis is likely to continue in the third year as countries grapple to save euro, the currency.
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