Three major rating agencies have placed 15 Eurozone countries on review for a possible downgrade. Moody’s, Fitch and Standard & Poor’s plan to review all but two of the countries in the Eurozone.
The decision to review the nations’ credit ratings came underway after leaders failed to make any significant headway in finding a solution to the debt crisis at last week’s summit.
Two of the Eurozone’s largest regions, Germany and France, are included in the credit watch. A downgrade in these nations could also hurt the European Financial Stability Facility (EFSF) rating.
News of a possible downgrade caused the Euro to fall 490+ pips this week. See the market being effected in the chart below:
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