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Moody's issues fresh warning over euro

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Moody's issues fresh warning over euro

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Credit ratings agency Moody’s has delivered a fresh warning over the plight of the euro.

It says it will re-examine the debt level of eurozone countries in the first quarter of 2012.

This is because, it says, last week’s summit did not produce decisive and meaningful results, and left the single currency vulnerable to new shocks.

European shares are down by around 0.7 per cent at 979.84 points after euphoria over Friday’s EU deal on deeper fiscal union faded.

Standard and Poor’s credit rating agency has also placed eurozone countries on review with a negative outlook.