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Draghi: ECB preparing bailout fund for downgrades
Draghi: ECB preparing eurozone bailout fund for impact of French, other downgrades
By The Associated Press

BRUSSELS (AP) ' The president of the European Central Banks says his institution is seeking ways to keep the eurozone's bailout fund effective even if France and other countries lose their AAA-rating.

Rating agency Standard & Poor's has put 15 eurozone countries on watch for a downgrade, citing the escalating debt crisis.

The EFSF relies on the top rating of its main contributors France and Germany to raise bailout money cheaply on bond markets.



Mario Draghi said the ECB, which has been tasked to help the European Financial Stability Facility in bond market interventions, is "working actively on all possible scenarios" involving a downgrade of eurozone countries.

Draghi warned that "it's likely that if France loses its rating then other countries' ratings would be changed."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

BRUSSELS (AP) ' The president of the European Central Banks says his institution is seeking ways to keep the eurozone's bailout fund effective even if France and other countries lose their AAA-rating.

Rating agency Standard & Poor's has put 15 eurozone countries on watch for a downgrade, citing the escalating debt crisis.

The EFSF relies on the top rating of its main contributors France and Germany to raise bailout money cheaply on bond markets.

Mario Draghi said the ECB, which has been tasked to help the European Financial Stability Facility in bond market interventions, is "working actively on all possible scenarios" involving a downgrade of eurozone countries.

Draghi warned that "it's likely that if France loses its rating then other countries' ratings would be changed."


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