19 Dec 2011

Ratings agency issues eurozone crisis warning

1:30 pm on 19 December 2011

Ratings agency Fitch says the comprehensive solution to save the eurozone is beyond reach.

As a result, Fitch has warned that France and six other European countries may have their creditworthiness downgraded in the future.

Meanwhile, eurozone countries will pursue measures to tackle the debt crisis this week by offering more cash to the IMF and long-term liquidity to banks, while moving towards tighter fiscal rules.

EU officials told Reuters news agency that eurozone finance ministers would discuss at teleconference on Monday the draft text of the new eurozone fiscal compact so that it can be finalised by the end of January.