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Pressure on Brussels amid new debt crisis warnings

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Pressure on Brussels amid new debt crisis warnings


Hours after EU and US officials met to discuss how to fight the European debt crisis, euro zone finance ministers will today attempt to boost their efforts.

The ministers are meeting in Brussels to see how their bailout fund can be increased, amid US pressure to get a grip on a crisis that is rattling nerves around the world.

European Commission President José Manuel Barroso said: “We face the common challenge of bringing debt under control while re-launching growth and creating new jobs. We all know that this is not an easy task.

“In Europe we have come a long way in addressing the causes and some symptoms of this crisis. We are now strengthening economic governance of the European Union and euro area with more robust rules to ensure sound budgetary policies and tackle imbalances.”

But adding to the feeling of things getting worse, rating agency Moody’s says it could downgrade some of the debt of 87 banks in 15 countries.

A French newspaper is also reporting that Standard and Poor’s is preparing to change its outlook on France’s sovereign rating from stable to negative within 10 days.

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