Germany pushes back after Moody's cuts outlook

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Source: Dukascopy Bank SA
"Germany will, through solid economic and financial policy, defend its ‘safe haven' status and continue to responsibly maintain its anchor role in the euro zone"
- German Finance Ministry

German Finance Ministry told Germany will remain Europe's haven after Moody's Investor Services changed the nation's outlook to negative on Monday. It also said Germany remains "in a very sound economic and financial situation."

German 10-year government bond yields to 1.23 per cent on Tuesday.

"Germany will, through solid economic and financial policy, defend its ‘safe haven' status and continue to responsibly maintain its anchor role in the euro zone," said the Berlin-based ministry.

"Together with its partners, it will do everything to overcome the sovereign debt crisis as rapidly as possible."

European stocks closed lower on Tuesday. The Stoxx Europe 600 Index fell 0.47 per cent to 250.57. Germany's DAX Index erased 0.45 per cent and France's CAC 40 Index retreated 0.87 per cent.

© Dukascopy Bank SA
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