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.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- The Obama era is over. The presidency continues.
- America created the Islamic State of Iraq and Syria? Meet the ISIS 'truthers'
- What is Molly? Everything you need to know about the party drug
- What would a U.S.-Russia war look like?
- On ISIS, neocons and liberal hawks have a 'boy who cried wolf' problem
- How American businessmen are ruining American business — and the U.S. economy
- Russia's giant spy ship was a high-tech disaster waiting to happen
- How Harry Houdini escaped death
- 7 grammar rules you really should pay attention to
- The constant struggle of running a family farm in 21st century America
Subscribe to the Week