(RTTNews) - While the policy measures announced thus far by European leaders are positive steps towards securing financial stability, they fall short of a comprehensive solution to the crisis of market confidence in the euro area, Fitch Ratings reiterated Tuesday.
Releasing an updated version of its Euro Area Sovereign Debt 'Snapshot', Fitch said until there is a broader economic recovery and further progress on deficit reduction, further episodes of financial market volatility appear likely and downward pressure on sovereign ratings will persist.
Due to the fragility of market confidence, troubled euro area countries may not be given the time for such an adjustment, the rating agency said. Fitch also said further steps towards fiscal integration may be needed to underpin continued financing at affordable rates.
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