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S&P: Recession Could Put Euro Zone Ratings at Risk

Standard & Poor's warned on Wednesday that credit ratings in the euro zone could come under renewed pressure if large parts of the currency bloc slip back into recession, as expected, next year.David Beers, the man behind S&P's downgrade of the United States, also said Wednesday he expected the European Central Bank (ECB) and euro zone governments to come to some sort of accommodation on how to resolve the spiraling sovereign debt crisis."With so much at stake, one would expect that some accommodation can be found between euro zone monetary authorities and national policy makers that balances substantive government policy actions with more aggressive steps by the ECB to counter a renewed economic downturn," Beers, the global head of sovereign ratings at S&P, said in a speech in Dublin."Such steps of course would entail closer policy coordination and a redoubled political commitment at the euro group and EU levels."The ECB is under growing pressure from world leaders to do more to addre...

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  1. Report: ECB Mulling Italian Bond Purchase

    The European Central Bank faced a decision on Sunday whether to buy Italian bonds to try to prevent the euro zone debt crisis from widening, while global policymaker...

  2. Obama Officials, S&P Clash Over Downgrade Threats

    The Obama administration has grown increasingly frustrated with Standard & Poor's during the U.S. debt limit crisis and accused the ratings agency of changing the go...

  3. Beers: Devil in the Details for Solving Deficit

    David Beers , Global Head of Sovereign Ratings for S&P, on today's S&P warning and his own take on a debt reduction plan for the U.S.

  4. S&P Slashes Outlook on U.S. to 'Negative' Amid Soaring Debt

    Sounding the alarm about the country’s deep fiscal problems, Standard & Poor’s on Monday downgraded its outlook on the U.S. credit rating to “negative," raising the ...

  5. S&P Says US Should Act to Protect AAA-Rating: Report

    The United States government needs to take steps to preserve its top AAA-rating, a Standard & Poor's Ratings  official told Dow Jones newswire in an interview publis...

  1. Geithner to Europe: Day Late, Euro Short

    Treasury Secretary Timothy Geithner said Europe is trying to move forcibly to fix its debt crisis, reports Dow Jones Newswires, the sister company to FOX Business."I...

  2. Could U.S. Bully S&P Into Reversing Downgrade?

    The unprecedented decision to confiscate America’s perfect credit rating has led to speculation the U.S. government could exert considerable pressure on Standard & P...

  3. S&P Under Fire for U.S. Credit Rating Downgrade

    FBN’s Gerri Willis on concerns over S&P’s credibility since its downgrade of the U.S. credit rating.

  4. Can We Get Back in the AAA Club?

    Pity poor Standard & Poor's. The rating agency is the focus of criticism from all sides.Treasury Secretary Tim Geithner called their downgrade of long-term treasury ...

  5. S&P's Beers: Expect word of knock-on from downgrade

    David Beers also told Reuters Insider television that the U.S. outlook could be raised to stable if the U.S. deficit-cutting deal is fully implemented and the Obama ...

  6. S&P Slashes Ratings on Freddie Mac, Fannie Mae

    Credit ratings for the main arteries of the U.S. financial system -- the Depository Trust Co, National Securities Clearing Corp, Fixed Income Clearing Corp and the O...

  7. Credit Rating Agencies Turning Heat Up on Congress

    FBN’s Adam Shapiro breaks down the latest move by Moody’s and the other agencies.

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