S&P Downgrades 9 Euro Zone Nations
By AP Friday, Jan. 13, 2012
(PARIS) — Ratings agency Standard & Poor’s downgraded the government debt of France, Austria, Italy and Spain on Friday. But it kept Germany’s at the coveted AAA level.
The downgrades deal a blow to the eurozone’s ability to fight off a worsening debt crisis. All told, S&P cut its ratings on nine eurozone countries.
The rating agency ended France and Austria’s triple-A status. It also lowered Italy’s and Spain’s by two notches and did the same for Portugal and Cyprus. S&P also cut ratings on Malta, Slovakia and Slovenia.
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“Had they but fixed their gaze upon the testimony of God itself, had they refused to follow in the footsteps of the abject and foolish among their leaders and divines, they would doubtless have attained to the repository of guidance and the treasury of virtue, and quaffed from the crystal waters of life eternal in the city of the All-Merciful, in the garden of the All-Glorious, and within the inner reality of His paradise.” (Baha’u’llah, Gems of Divine Mysteries, p. 7)
Good training for human minds
In this mature Age