News Headline Summary

European news of note from this weekend...

- Moodys downgraded the Eurozone's permanent bailout fund, the ESM, to Aa1 from Aaa and the EFSF to Aa1 from Aaa; maintains negative outlook. The move follows on from the French downgrade which is the EFSF's second largest contributor.

- Spain's PM Rajoy said it will be very complicated to meet Spain's 2012 public deficit goal of 6.3% of GDP in agreement with the EU. He added he will not hesitate to seek ECB rescue if needed.

- German Chancellor Merkel said that a public sector debt write-down may be possible for Greece, once the country no longer required addition loans, according to Bild.

- ECB's Noyer said that negative deposit rates are not excluded, however not the major issue at present.

02 Dec 2012 - 22:12 - Fixed Income Bank Speaker - Source: Newswires

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