EU's Juncker reaffirms commitment to Eurozone

 
City A.M. Reporter
Eurogroup head Jean-Claude Juncker reiterated a "strong commitment" to the euro zone as a whole on Tuesday after Moody's changed its outlook for Germany, the Netherlands and Luxembourg to negative from stable.

"We take note of the rating decision of Moody's which confirms the very strong rating enjoyed by a number of euro area Member States, as supported by the sound fundamentals which these and other euro area countries continue to enjoy," he said in a statement.

"Against this background, we reiterate our strong commitment to ensure the stability of the euro area as a whole."

On Monday, Moody's changed its outlook for Germany, the Netherlands and Luxembourg to negative from stable as fallout from Europe's debt crisis cast a shadow over the Eurozone’s top-rated countries.

Moody's cited an increased chance that Greece could leave the Eurozone, which "would set off a chain of financial sector shocks ... that policymakers could only contain at a very high cost.