EU slams ratings agencies after Portugal downgraded
STRASBOURG, France/BERLIN (Reuters) - European politicians accused credit rating agencies on Wednesday of anti-European bias after Moody's downgrade of Portugal's debt to "junk" cast new doubt on EU efforts to rescue distressed euro zone states without debt restructuring.
European Commission President Jose Manuel Barroso said the decision to cut Lisbon's rating by four notches so soon after it became the third country to receive an EU/IMF bailout was fuelling speculation in financial markets.
The cost of insuring all weaker euro zone states' debt against default rose after Moody's announced the downgrade on Tuesday.
The euro and European shares fell, ending a seven-day stocks rally, and Portugal had to pay more to sell three-month T-bills on Wednesday.
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