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Greek Devaluation

S&P cut of EU rating dismissed by European officials

Credit agency Standard & Poor's cut its long-term rating of the European Union by one notch to AA+ on Friday, saying it had concerns about how the bloc's budget was financed, a view EU leaders and other officials dismissed as misguided."In our opinion, the overall creditworthiness of the now 28 European Union member states has declined," S&P said in a statement that came 11 months after it announced it had a 'negative' outlook on the bloc."EU budgetary negotiations have become more contentious, signaling what we consider to be rising risks to the support of the EU from some member states."European officials said they were not surprised by the move since S&P recently downgraded the Netherlands and has lowered its view on six other member states - France, Italy, Spain, Malta, Slovenia and Cyprus - in the past year.But they pointed out that the EU has no debt or deficit to speak of and its budget is a stand-alone entity financed by 28 countries, making it one of the most stable institutio...

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  1. Cyprus bailout scrapes through island's parliament

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