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Standard & Poor's has downgraded the credit ratings of France, Italy, and Spain, as the European debt crisis continues to intensify. According to French government sources, the ratings agency has downgraded the country's Triple-A credit rating, while downgrading Italy and Spain's ratings as well. However, the agency has spared other European nations such as Germany, Belgium, Luxemburg, and the Netherlands. Meanwhile, US stocks have dropped over the recent EU concerns, while European shares also fell by more than one percent. The news also caused the euro to slump against the dollar and yen.
Recent reports indicate that debt-ridden Greece's talks with bank creditors are in “grave condition.” In December, S&P placed the ratings of fifteen eurozone nations, including France and Germany on credit watch negative. The worsening debt crisis, however, has forced the European governments to adopt harsh austerity measures and tough economic reforms. Tens of thousands of the Europeans have migrated from their homelands as a result of these difficulties. There are fears that more delays in resolving the eurozone debt crisis could push not only Europe, but also much of the rest of the Western world back into recession.
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