A front-page article in the “Osservatore Romano” newspaper on Saturday has questioned
the timing of ratings agency Standard & Poor’s decision to downgrade nine EU countries’
credit-worthiness. The article criticizes the decision which came, it says, “just
when markets were showing signs of slight improvement, thanks to reduced tensions
over government bonds.” Describing the decision as “partly expected”, the paper said
it was “one that could strike a severe blow for Europe as it battles the economic
crisis.”