SpiegelOnline
European share prices and the euro fell slightly on Tuesday after ratings agency Standard & Poor's warned it may downgrade 15 of the 17 euro-zone nations, including triple-A nations like Germany, as a result of the euro crisis.
European policymakers criticized the timing of the announcement, just three days ahead of a make-or-break EU summit on Thursday and Friday, and said the agency hadn't taken into account proposals for far-reaching reforms of the euro zone's debt rules agreed by the leaders of France and Germany on Monday.
Standard & Poor's had warned late on Monday that it may carry out an unprecedented mass downgrade of euro-zone countries if EU leaders fail to reach an agreement on how to solve the debt crisis at this week's summit.
Luxembourg Prime Minister Jean-Claude Juncker said the S&P announcement was "like a knockout blow" to countries that were cutting their budget deficits.
