Eurozone faces big test as EFSF downgrade looms

euro in black light

Standard & Poor's (S&P) on Monday placed the credit ratings of the sovereign debt of 15 eurozone members on credit watch with negative implications, sparking fears of a possible downgrade for the eurozone bail-out vehicle, the European Financial Stability Facility (EFSF).

The ratings agency said the long-term sovereign ratings of Austria, Belgium, Finland, Germany, the Netherlands and Luxembourg could be lowered by up to one notch, and by up to two notches for other eurozone governments, if

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