FITCH: The Eurozone Is Entering The ‘Danger Zone’
Jun. 27, 2012
Fitch is out with its Mid-Year Sovereign Review and Outlook report.
Titled No Getting Away from the Eurozone Crisis, the report walks through recent developments in sovereign ratings and trends that have been followed closely by the market and reported extensively in the media this year.
Right away, the report warns about Europe:
Eurozone Entering Danger Zone: The severity of the systemic crisis engulfing the eurozone intensified in Q212 and is unlikely to diminish until European leaders articulate a credible and substantive roadmap that would complete monetary union with greater fiscal and financial integration. Downward pressure on the eurozone members‟ sovereign ratings will intensify unless there is a credible path to closer union and a more coherent and united policy response including further boosting the financial backstops against contagion.