S&P action turns up the heat on EU leaders

Laurent Thomet, AFP, 15.01.2012

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Two weeks before a new summit, European leaders are under pressure to deliver a credible solution to the debt crisis after Standard & Poor's punished their policies with stinging credit downgrades. […]

For analysts, Friday's bad news is a stark reminder that the crisis is far from over.

"The downgrade does not reflect the fact that the efforts of the eurozone to escape the crisis had shown some promising positive results," said Janis Emmanouilidis, analyst at the European Policy Centre.

"At the same time, the downgrade shows that more needs to be done to manage and eventually overcome the crisis."

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