Reaction from the continent
Source: Agencies |
January 15, 2012, Sunday
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Print Edition
Print Edition
AFTER Standard & Poor downgraded the government debt of France, Italy, Spain, Austria and five other nations that use the euro, some European leaders said the move was unjustified. But most said the downgrades wouldn't severely hurt their ability to fight off the continent's debt crisis.
'Not catastrophe'
French Finance Minister Francois Baroin said the loss of the triple-A rating was not "a catastrophe" and underscored that France still had a solid AA+ rating.
There's no reason to frighten French people, he said.
'Legacy of past'
An official with the Spain Economy Ministry who spoke on condition of anonymity because of ministry policy said:
"This is a legacy of the past (the administration of the former Socialist government), as well as others. The goal of this government is to recover Spain's economic growth potential so that this situation will be reversed."
'Inconsistent'
European Commission Vice President Olli Rehn said he "regrets" S&P's decision, which he deemed "inconsistent."
EC Vice President Reian said the euro area has taken "decisive action in all fronts of its crisis response" to push reforms and strengthen banks.
'Not catastrophe'
French Finance Minister Francois Baroin said the loss of the triple-A rating was not "a catastrophe" and underscored that France still had a solid AA+ rating.
There's no reason to frighten French people, he said.
'Legacy of past'
An official with the Spain Economy Ministry who spoke on condition of anonymity because of ministry policy said:
"This is a legacy of the past (the administration of the former Socialist government), as well as others. The goal of this government is to recover Spain's economic growth potential so that this situation will be reversed."
'Inconsistent'
European Commission Vice President Olli Rehn said he "regrets" S&P's decision, which he deemed "inconsistent."
EC Vice President Reian said the euro area has taken "decisive action in all fronts of its crisis response" to push reforms and strengthen banks.
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