L'Osservatore Romano questions ratings downgrade

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.”