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Moody's has lowered its outlook on Germany, The Netherlands, and Luxembourg to Negative, while...
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Monday, July 23, 2012, 5:03 PM ETMoody's has lowered its outlook on Germany, The Netherlands, and Luxembourg to Negative, while affirming Finland's Stable outlook and AAA credit rating. The ratings agency cites the usual fears related to the eurozone's debt crisis, along with the "increasing likelihood that greater collective support" will be needed for Spain and Italy. Moody's downgraded Italy's rating by two notches earlier this month, and subsequently downgraded 10 Italian banks.
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the crisis right the first time
It's game over for Europe, absent significant belt-tightening in the periphery beyond anything we've seen thus far. If they can see things through to other size, the Continent will emerge as much more globally competitive and far ahead of the US on the economic reform curve.