S&P feels Europe’s ire over ratings threat / Sovereign downgrade could hit eurozone banks

The warning by US credit rating agency Standard & Poor’s on the 6 December 2011 of a possible future downgrading of 15 members of the eurozone brought angry charges from both bondholders and politicians on the 6 December 2011 that S&P was destabilising the markets, just as a comprehensive deal to stem the financial crisis was in sight.

Standard & Poor’s blamed political indecisiveness in tackling the protracted debt crisis for its decision. However FT article suggests it is the eurozone's banks which are likely to feel the decision’s impact most immediately.

ESO: Background information: France and Germany agree new rules / S&P downgrade threat reveals frustrations http://www.europeansources.info/record/france-and-germany-agree-new-rules-sp-downgrade-threat-reveals-frustrations/

Deutsche Welle, 6.12.11: Europe lashes out at credit agency threat http://www.dw-world.de/dw/article/0,,15581750,00.html

Daily Telegraph, 7.12.11: Rating agencies – don’t shoot the messenger (via PressEurop) http://www.presseurop.eu/en/content/article/1257781-rating-agencies-don-t-shoot-messenger

Libération, 7.12.11: The destructive rise of the rating agencies (via PressEurop) http://www.presseurop.eu/en/content/article/1258541-destructive-rise-rating-agencies

Spiegel Online International, 7.12.11: 'The Substance of What S&P Is Saying Is Quite Right' http://www.spiegel.de/international/europe/0,1518,802244,00.html

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