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S&P and ECB actions on EU debt crisis

12-08-2011 19:06 BJT

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Standard & Poor’s has warned that it could cut the credit ratings of the European Union and large eurozone banks. To try to tackle the debt crisis the European Central Bank is deciding whether to cut interest rates.

S&P placed the European Union’s triple A credit rating on "Credit Watch Negative" on Wednesday. It means it has a 50% chance of being downgraded in the next 90 days. S&P also noted the credit ratings of Germany and France have a direct impact on the EU, because the two countries, together, contribute about 30% of the EU’s total budget revenues.

Meanwhile, hints from the ECB’s meeting indicates that it could possibly step up its efforts against Europe’s debt crisis by cutting interest rates later today (Thursday). That will be the second cut in five weeks. And the ECB is also expected to extend longer-term loans to ease financial pressure on struggling banks.


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Editor:Zheng Limin |Source: CNTV.CN

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