World Markets Recover on Euro Rescue Plan

Ad Feedback

France and Germany are working on a plan to prevent the European debt crisis from getting worse.

The new strategy would impose more budget discipline for eurozone countries, forcing them to shrink the debts that started the crisis.

Reaching an agreement among the 17 eurozone countries may prove to be difficult. Still, international financial markets rallied strong on the news of the plan.

"While positive news provides a welcome relief for the markets, it cannot detract from the fact that the future of the eurozone is hanging in the balance," Jane Foley, an analyst at Rabobank International, said.

Despite renewed efforts to reach an agreement, credit rating agency Moody's issued a warning Monday saying the "rapid escalation" of Europe's financial crisis is threatening the credit-worthiness of all eurozone governments, even the most highly rated.

Only six of the eurozone's countries have the high rating including Germany, France, Austria, the Netherlands, Luxembourg, and Finland.

Log in or create an account to post a comment.  

CBN IS HERE FOR YOU!

Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBNNews.com

CBNNews.com

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.