Moody's Investor Services announced late Monday that it is "changing the outlook on Germany, as well as on the Netherlands and Luxembourg, to 'negative,'" because of the increased likelihood that those countries will have to suffer the costs of keeping Italy and Spain afloat. Moody's also cited the increasing risk of Greece leaving the euro and "set[ting] a chain of financial-sector shocks." The change is "less drastic" than a ratings downgrade because the effects of the "negative" outlook are limited to the three countries' borrowing costs.
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