Full Text: Moody’s: Euro Area Sovereigns Remain Under Pressure In Absence of Decisive Initiatives

"In view of the continued absence of decisive policy measures despite the recent euro area summit, Moody’s Investors Service is reiterating its intention to revisit the ratings of all EU sovereigns during the first quarter of 2012. As Moody’s had stated in November, this is because the absence of measures to stabilise credit markets over the short term means that the euro area, and the wider EU, remain prone to further shocks and the cohesion of the euro area under continued threat.
Last Friday, European policymakers announced additional measures aimed at addressing the formidable challenges facing the euro area. Moody’s acknowledges that the announcement underlines the continued desire among euro area politicians to move towards centralised fiscal coordination and mutualisation of resources and risks. However, Moody’s believes that the announcement offers few new measures and points out that many are similar to previously announced ones. (Measures to strengthen oversight of excessive deficits were first announced in H1 2011, while the intention to strengthen national budgetary frameworks and improve coordination and cooperation was announced in October, as was the aim of leveraging the EFSF.)..."

at http://www.creditwritedowns.com/2011/12/moodys-european-fiscal-deal.html