S&P downgrades 9 euro zone countries
NewsX | January 15 , 2012
Credit rating agency Standard and Poor has stripped France and Austria of their top-notch credit rating and rumours swirled in financial markets that its debt-burdened neighbours would be next, complicating Europe's efforts to solve its financial crisis. S&P had warned 15 European nations in December that they were at risk for a downgrade. The downgrades could drive up the cost of European government debt.