Jan 142012
 

As expected, Standard & Poor’s on Friday lowered its credit rating on a host of European nations, including France and Italy.

“In our view, the policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,” the S&P said in a press release.

The ratings agency had warned back in early December that such downgrades were likely given the stress that remains on the European economy.

Germany, with the largest economy in Europe, was not downgraded.

- source

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