S&P downgrades Europe Bailout Fund

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Source: Bloomberg
© Scanpix/AP
Standard and Poor's downgraded the EFSF from AAA to AA+. European Financial Stability Facility was created to bailout indebted countries such as Ireland, Portugal and Greece. EFSF AAA rating was based on ratings of its AAA rated sponsoring nations. Yesterday two of these sponsors, Austria and France lost their triple-A credit rating and thus reduced creditworthiness of whole bailout fund. 
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Tue, 17 Jan 2012 07:23:21 GMT

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