| CATEGORY: INTERNATIONAL ECONOMIC |
Tue 24 Jul 2012
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LONDON (SHARECAST) - After Moody’s cut its outlook on the triple-A ratings for Germany, the Netherlands and Luxembourg to negative from stable, both Berlin and the Eurogroup president Jean-Claude Juncker bit back at the credit rating agency.
The German Finance Ministry scoffed at Moody’s decision saying that the risks in the Eurozone are “nothing new”; that while pointing to the fact that financial markets disagree, as is evident by its record low financing costs. In a statement, the ministry said that “Germany will continue to defend its ‘safe haven’ status through solid economic and financial policy.”
Juncker, for his part, shrugged off the credit report stating that all three countries continue to have solid economies. “We reiterate our strong commitment to ensure the stability of the euro area as a whole,” he added.
JM
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