US Edition
Belgium Gets Cut by Moody's in Reproof at Failure to Cut Debt
10 Articles
10 Articles
The Moodys agency has finally degraded Belgium. A decision that punishes the sluggishness of public finances despite the reforms undertaken and increases the pressure on the government to restore its budgetary credibility. ...
The American rating agency Moody's has downgraded Belgium's credit rating. Moody's fears that the federal government's planned measures will not be sufficient to bring the national debt under control. The downgrade could lead to the government having to borrow at higher interest rates to pay off that debt. Prime Minister De Wever is not surprised.
On Friday, Belgium was downgraded to a lower level than the Czech Republic in Moody's US economic rating for the first time in history, from Aa3, which is currently the Czech Republic, to A1. Bloomberg reported on Belgium's downgrade. The Belgian downgrade is, among other things, further damage to the euro and the eurozone, said economist Lukáš Kovanda.
Moody’s reduces Belgium by one step, from Aa3 to A1, and places the country at the centre of investors in European sovereign debt. The agency points out bluntly that the Belgian budget deficit — one of the continent’s most bulging ones — has eroded confidence in its fiscal trajectory. It is not an absolute surprise. Brussels had been under surveillance for months. But the time is uncomfortable: the cut comes when the government still negotiates …
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