Shaky sovereign debt becomes obstacle to economic rebound

12/8/2009 | Wall Street Journal, The

Fitch Ratings cut Greece's credit rating to the lowest level in the 16-nation European Union, raising concerns a failure of Greek debt could plunge the EU into a fresh financial crisis and stall the region's economic recovery. The downgrade, after Dubai World's announcement it will freeze payments on $26 billion of its debt and Russia's admission it is a "weak link" in the global economy, sparked fears about the stability of sovereign debt worldwide.

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