Moody's rating agency has downgraded the eurozone rescue fund, the ESM, in the same week that Greece has gotten more bailout money and France's rating was cut. More trouble ahead for the eurozone?
Economic output in the eurozone accelerated in the final quarter of 2013, suggesting that the modest recovery in the 18-nation currency area remains on track. Gross domestic product was driven by exports and investment.
Moody's has upgraded Ireland's credit rating from junk to investment grade, the last of the three major ratings agencies to do so. Dublin had already returned to the global bond market after exiting its bailout program.
The EU executive Commission has urged Germany to curb its trade surplus, identifying it as a risk to the eurozone economy. The country’s huge exports should be matched with higher domestic consumption and investment.
Economic activity in the countries using the euro is showing signs of new life after months in the doldrums. In the final quarter of 2013, output expanded in most of the bloc’s 18 member states.
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