Stock markets and the Euro traded lower Friday as Greek debt swap talks were put on hold and France’s Finance minister confirmed that Standard & Poor’s has downgraded the country’s credit rating.
Germany and France again on Wednesday over whether the European Central Bank should take bolder steps to stem the Euro zone debt crisis, with Chancellor Angela Merkel issuing one of her starkest warnings yet against fiddling with the central bank's strict inflation-fighting mandate.
In a carefully worded statement, Moody's Investor Service hinted that the outlook for France's top-tier credit rating could be at risk. The nation still enjoys very high government financial strength, said the ratings agency in its annual credit report on France, released late Monday.
A European Union summit later this month will agree decisive measures to tackle the Euro zone debt crisis, the French finance minister announced on Saturday.
Top emerging economies joined forces to slam Europe's obsolete grip on the IMF top job, even as France's finance minister appeared to strengthen her lead in the race to replace Dominique Strauss-Kahn.