Standard and Poor’s Downgrades EU’s Economic Outlook

Lesson Brief Al Sharq Al Awsat
On July 4, Al Sharq Al Awsat reported on credit rating agency Standard and Poor's decision to downgrade the EU's economic outlook from stable to negative in light of Greece's ongoing financial crisis. The decision is partly fueled by the UK's announcement that it will be holding a referendum in 2016 about whether to remain in the EU. Standard and Poor's also criticized the EU for using its funds to support member states that take invest recklessly. The situation was exacerbated by a record-breaking bad day at Greek stock exchanges, as investors flooded to sell their stocks in Greek banks.
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