Economic Wobbles as Agency Downgrades EU to Negative

Tuesday, August 4, 2015
By Paul Martin

Analysts at ratings agency Standard & Poor’s (S&P) have lowered their economic forecast for the EU from “stable” to “negative”, over fears of a Greek default and a possible UK exit from the union.

The crisis in Greece — which is currently negotiating a third bailout by its creditors — is at the root of the downgrade by S&P, raising fears that the EU credit rating could be cut from AA+, which would affect the price of borrowing funds on international markets.

The agency said the negative outlook was particularly justified by the repeated commitments by the EU to support Greece, which is threatened with bankruptcy.

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