Friday, January 13, 2012
The eurozone crisis entered a dangerous new phase as France and other European countries had their credit ratings downgraded.
Stock markets and the single currency fell sharply as Standard and Poor’s cut France’s AAA rating.
The agency’s move also threatens to torpedo the main European bail-out fund set up to support struggling countries such as Greece and Portugal.
There are growing fears that Greece is edging closer to defaulting on its debts and being forced out of the single currency, with potentially devastating consequences. Talks between Greece and its creditors were put on hold on Friday.
This article was posted: Friday, January 13, 2012 at 8:23 am