Jean-Claude Juncker dismisses S&P warning as exaggeration
Head of the Eurogroup, the EU’s monetary union committee, Jean-Claude Juncker has described Standard & Poor's threat to downgrade the AAA credit ratings of leading eurozone economies such as France and Germany as wild exaggeration and also unfair.
He said that there is no need to trust the international rating agency more than they deserve.
On Tuesday, Standard & Poor's warned that Austria, Belgium, Germany, Luxembourg, the Netherlands and Finland may face being downgraded by the ratings agency.
S&P to downgrade Eurozone countries’ ratings
The international rating agency Standard & Poor’s is prepared to downgrade the credit ratings of some of the Eurozone countries, including France and Germany, which boast the top-notch AAA ratings.
The agency will reconsider the ratings of 15 out of 17 Eurozone countries, save for that of Greece, whose rating was downgraded to the lowest possible one, CCC, back in July, and for that of Cyprus, whose long-term credit rating was confirmed as BBB with a negative outlook.
Paris and Berlin have already reacted to the S&P statement in a joint communiqué, reiterating their intention to bend every effort to ensure stability in the Eurozone.