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Ratings agency warns six euro zone countries

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Ratings agency warns six euro zone countries


Italian Prime Minister Mario Monti said his country must appear ‘united and credible before the markets’ after winning approval for a 30 billion euro austerity package.

The lower house of parliament backed the measure by 495 votes to 88.

Speaking about the sacrifices that will have to be made to save the euro zone’s third largest economy, Monti told legislators: “If all of us fulfill our duties and if the widespread and conscious sense of responsibility I have seen in this chamber continues, I have no doubt, Italy will make it.”

Meanwhile, Italy is one of six euro zone countries to be warned that their credit ratings could be downgraded soon.

Ratings agency Fitch has put Belgium, Spain, Italy, Ireland, Cyprus and Slovenia on “negative watch” ahead of a possible downgrade.

The agency confirmed France’s triple A rating, but with a negative outlook that could lead to a downgrade within two years.

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