Friday the l3th was not good for Eurozone Countries. S & P removed the highest triple A rating from Austria and France. It is especially difficult because France and Germany are looked upon as white knight of the Eurozone community. Germany maintains its triple A status. (For your information, Greece is C, the lowest in Standard & Poor rating) Moody's and Fitch have not downgraded France. But a number of debt laden countries in Europe were downgraded one or two notches.
What is the meaning of all these?
First, the Euro dived $l.2624, and 97.20 to a yen, the lowest since 2000.
How will this affect the local economy?
How will it affect OFW in Europe? Will it mean slowdown in house sales and domestic consumption?
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