Bloomberg News

Euro Nations Must Act Before Possible S&P Downgrade, Cyprus Says

December 06, 2011

Dec. 6 (Bloomberg) -- The Cypriot Finance Ministry said euro-region nations must take action now to mitigate the effects of any future cut of their credit rating by Standard & Poor’s.

The rating company put Germany, France and 13 other euro- area nations on review for a downgrade yesterday, citing the possible risk to their financial stability from continuing disagreements among European policy makers on how to tackle the region’s debt crisis.

Cyprus expects the ratings of all euro-area nations to be affected by S&P’s review, the Nicosia-based ministry said in an e-mailed statement today. The company said it expects to conclude the review after a European Union summit on Dec. 8-9.

S&P’s move “makes it even more imperative that all necessary economic-policy measures are immediately taken at the national level to mitigate the impact of the evaluations,” the ministry said.

--Editors: Jeffrey Donovan, Jennifer Freedman

To contact the reporter on this story: Paul Tugwell in Athens at Ptugwell1@bloomberg.net

To contact the editor responsible for this story: Angela Cullen at acullen8@bloomberg.net


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