Credit rating agency says decision inevitable following cuts to creditworthiness of two EFSF guarantors, France and Austria.
Asian shares inched higher and the euro stayed above a 17-month trough Tuesday as investors focused on economic data from China to gauge the impact of the eurozone debt crisis on global growth.
Twelve people were killed Monday in Syria, where a peace plan monitored by Arab observers has failed to douse a 10-month-old struggle between President Bashar al-Assad and his foes.
Twelve people were killed on Monday in Syria where a peace plan monitored by Arab observers has failed to douse a 10-month-old struggle between President Bashar al-Assad and his foes.
An exit from the euro by Greece appears likelier by the day.
European shares and the euro gradually recovered on Monday from early losses triggered by the mass downgrade of euro zone sovereign ratings last week, but they still looked vulnerable amid rising fears of a disorderly Greek debt default.
Greece must urgently break a deadlock in debt swap talks triggered by unreasonable demands from its partners, the head of a group of representing its private sector warned on Monday, as Athens raced against the clock to prevent an unruly default.
The government had enacted a series of cuts to salaries and benefits, while hiking taxes.
Greece must urgently break a deadlock in debt swap talks triggered by unreasonable demands from its partners, the head of a group of representing its private sector warned on Monday, as Athens raced against the clock to prevent an unruly default.
European shares and the euro recovered from early losses on Monday in the wake of a mass downgrade of euro zone sovereign ratings, but trading was choppy with U.S. markets closed and the outlook for Greek debt talks uncertain.
Standard & Poor's credit rating downgrades of nine Eurozone countries will fuel attempts by European Union lawmakers to slap stricter curbs on sovereign ratings.
Commercial banks parked almost half a trillion euros at the European Central Bank, the highest on record, as the mix of debt crisis worries and a recent giant injection of ECB cash left banks awash with money but too scared to lend it.
Mass Eurozone ratings downgrades are unlikely to shake up investors too much, but with Greek debt talks at an impasse, pressure has been loaded on the bloc to shore up its defenses and glimmers of optimism from last week have been firmly doused.
Euro zone bank shares fell but stocks seen as resilient to an economic slowdown gained on Monday in the wake of Standard and Poor's mass downgrade of euro zone sovereign ratings, while the euro hovered near 17-month lows against the dollar.
Global leaders and businessmen urged Europe on Monday to take fresh steps to resolve its deepening debt crisis, with a top executive of the IMF warning the continent will see a downward spiral of collapsing confidence if no further action is taken.
The European Central Bank will do all it can to calm the situation after Standard & Poor's downgraded several euro zone members' debt ratings in the past week, ECB Governing Council member Ewald Nowotny said on Sunday.
The European Central Bank will do all it can to calm the situation after Standard & Poor's downgraded several euro zone members' debt ratings in the past week, ECB Governing Council member Ewald Nowotny said on Sunday.
Financial markets are unlikely to be derailed by mass euro zone downgrades, but with Greek debt talks at an impasse, pressure has been loaded on the bloc to shore up its defenses and glimmers of optimism from last week have been firmly doused.
The U.N. chief told Bashar al-Assad Sunday to stop killing your people and the Syrian leader offered an amnesty for crimes committed during a 10-month-old revolt against him.
The euro zone's bailout fund can hold onto its AAA rating with Standard & Poor's through higher guarantees from the euro zone's remaining triple A countries or lower lending capacity, a senior euro zone official said Sunday.
Iran said on Sunday it had received a letter from the U.S. government about the Strait of Hormuz, the crucial oil shipping lane that Tehran has threatened to close if sanctions prevent it exporting oil.
European leaders promised on Saturday to speed up plans to strengthen spending rules and get a permanent bailout fund up and running as soon as possible, a day after U.S. agency S&P cut the ratings of several euro zone countries' creditworthiness.
