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economy
Standard & Poor's Cuts Credit Ratings for Nine Euro Zone Nations CNBC 01/13/2012 | U.S. Debt Nears $15.194 Trillion CeilingDamian Paletta The Wall Street Journal 01/12/2012 |
 Standard & Poor's downgraded the credit ratings of nine euro zone countries, stripping France and Austria of their coveted triple-A status but not EU paymaster Germany, in a Black Friday 13th for the troubled single currency area. |  The Treasury Department has begun maneuvers to avoid hitting the debt ceiling, as the Obama administration waits for Congress to return from the holiday break before it can raise the federal borrowing limit. |
Germany's stance on financial transaction tax risks French riftLouise Armitstead Telegraph 01/09/2012 | French credit downgrade could come 'within days'Richard Wachman, Toby Helm and Kim Willsher The Guardian 12/18/2011 |
 Angela Merkel has warned that German support for the financial transaction tax (FTT) is not guaranteed, in a move that could open up a rift with France just days before the next European summit. |  France could be stripped of its triple-A credit rating before Christmas, raising new doubts about the survival of the euro, analysts have predicted. |
New York City Faces 'Extreme Downside Risk' From European Debt Crisis: Report The Huffington Post 12/16/2011 | |
 New York City's economy faces an "extreme downside risk" from Europe's debt crisis because its banks hold over $1 trillion of assets in the city, where they are active lenders, according to a new report released on Thursday. |  Federal Reserve Bank of New York President William Dudley said he “cannot imagine” the US central bank buying European sovereign debt to combat the crisis, though it has the legal authority to do so. |
Eurozone ministers OK $10.7 billion Greek loanDON MELVIN and GREG KELLER Yahoo! News 11/29/2011 | Fitch Keeps U.S. Credit Rating at ‘AAA’, Cuts Outlook to NegativeMatt Egan FOX Business 11/28/2011 |
 Eurozone ministers threw a lifeline to Greece on Tuesday as they scrambled to prevent financial chaos from spreading further and driving Europe's common euro currency into a catastrophic breakup. |  Fitch Ratings kept its pristine AAA rating on the U.S. on Monday, but the credit-ratings company downgraded its outlook to “negative” in the wake of the Supercommittee’s failure to find $1.2 trillion in spending cuts. |
OECD: euro collapse would have 'highly devastating outcomes' worldwideDavid Gow The Guardian 11/28/2011 | IMF drafting €600 billion bailout plan for Italy, SpainRobert Winnett Telegraph 11/27/2011 |
 The collapse of the euro could send the world's advanced economies into a severe recession, dragging emerging markets with them into the mire, the Organisation for Economic Co-operation and Development warned on Monday. |  The International Monetary Fund is being lined up potentially to help Italy and Spain amid growing fears that a European rescue scheme will not be able to prop up the countries. |
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