7 Dec 2011

Pressure mounts as agency reviews eurozone

10:55 pm on 7 December 2011

Eurozone countries are coming under increasing international pressure before a summit later this week which is seen as crucial for the future of the single currency.

US Treasury Secretary Timothy Geithner is in Germany for talks with financial officials in several countries. On Tuesday, he will hold a meeting at the European Central Bank in Frankfurt before meeting German Finance Minister Wolfgang Schaeuble.

And the Standard & Poor's rating agency is reviewing the Eurozone's credit rating.

S&P European sovereign ratings head Moritz Kraemer says almost every eurozone country's credit rating is under review.

It could mean France and Germany losing their AAA ratings. The Netherlands, Finland and Luxembourg also have a AAA rating.

The BBC reports there is widespread anger at the timing of the agency's decision.

French Finance Minister Francois Baron says the move is unfair.