S&P's Euro pressure point

The decision by S&P to place most of the eurozone on credit watch is effectively a rehashing of the obvious. It does, however, highlight that this week’s summit desperately requires a concrete solution.

At a practical level Standard and Poor’s decision to place 15 eurozone member nations on credit watch means relatively little other than to confirm the obvious. The embarrassment in prospect for the six AAA-rated countries, however, will help focus their minds on Friday’s European Union summit.

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