Moody's: Risk Of Mass Defaults And Eurozone Breakup Very Real
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In two ominous reports released Monday, credit rating agency Moody's noted the risk of a series of EU-member defaults is no longer negligible while the OECD warned that without decisive action, contagion risk among sovereigns and the specter of a credit crunch could derail the fragile global economic recovery and push the U.S. into recession. "The continued rapid escalation of the euro area sovereign and banking credit crisis is threatening the credit standing of all European sovereigns," read Moody's report, which warns of the rising risk of a eurozone breakup. "While the euro area as a whole possesses tremendous economic...
