S&P: Eurozone Efforts May Not Be Enough |
| Fox Business - Dec 12, 2011 |
Ratings agency Standard & Poor's put more pressure on the euro zone on Monday, with its chief economist saying time was running out for the currency bloc to resolve its debt problems and that it might need another financial shock to get it moving.
Jean-Michel Six, chief economist of the agency that shocked financial markets last week by putting 15 euro zone countries on a watch for a potential downgrade, said last week's EU summit agreement was a significant step forward, but not enough.
S&P usually takes around three months to act after a warning, but has said that in this case it may do so more quickly.
"There is probably yet another shock required before everybody in the euro zone reads from the same page, for instance a major German bank experiencing some real difficulties on the markets, which is a genuine possibility in the near term," Six told a business conference in Tel Aviv.
Read more: http://www.foxbusiness.com/markets/2011/12/12/sp-eurozone-efforts-may-not-be-enough/#ixzz1gKysJP5b
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- Posted: 2011-12-12 09:59:10
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