MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
All sovereign ratings in the region, including the Aaa of nations such as Germany, would need to be reviewed if Greece left the 17-nation currency union, New York-based Moody’s said in a statement on Friday. The credit standing of Cyprus, Portugal, Ireland, Italy and Spain would deteriorate as the risk of a Greece exit rose, the company said.
Moody’s said that a Greek exit from the euro could pose a threat to the currency’s existence.
“Were Greece to leave the euro, posing a threat to the euro’s continued existence,” the rating agency said.
Should an agreement between whatever Greek government is formed and its international creditors be reached, Moody’s said euro area ratings would generally hold at current levels for the time being.
Greece is rated just above default by Moody’s at C, while Standard & Poor’s gives it a CCC rating, similar to Fitch Ratings.
Spain’s banking crisis is mostly specific to that country and wouldn’t need to be a source of contagion to others in the region except for Italy, which also has a rising funding reliance on the European Central Bank through its banks, Moody’s said in the statement.
MbS made the remarks at an annual speech to the advisory Shura Council, which he gave on behalf of his father, King Salman
mena9 hours ago
His visit to Cairo aimed to salvage stalled negotiations mediated by Egypt, Qatar and the United States to end the conflict
world9 hours ago
The group accused Israel, which has so far refused to comment, as US denies involvement
mena9 hours ago
Hundreds of pagers belonging to the armed group exploded in Lebanon on Tuesday, killed 12 people, including two children, and wounded up to 2,800 others
world9 hours ago
They view it as a pivotal move toward fostering inclusivity and diversity in corporate structures
uae9 hours ago
Israel has not yet commented on the explosions
europe10 hours ago
The meeting saw engaging discussions on Sinomach’s strategic initiatives and ongoing projects in the region
economy10 hours ago