Ratings agencies put eurozone in ‘downward spiral’: Belgium

Ratings agencies are leading the eurozone into a “downward spiral”, Belgium’s prime minister said Sunday, two days after Standard & Poor’s downgraded the debt of nine of the bloc’s nations.

“Ratings agencies are playing their roles, but in a strange manner because they have a tendency to lead us towards a downward spiral with their behaviour, their timing,” Elio Di Rupo told RTL-TVI television.

“What’s important is for our country to get out of the crisis, that our citizens, after the efforts that we will undertake, can live better,” he said, referring to 11.3 billion euros in planned cuts to reduce the public deficit.

While Di Rupo joined other European officials in criticising the ratings agency, Belgium was not among the countries that were downgraded on Friday.

S&P and another major agency, Moody’s, already cut Belgium’s credit rating late last year over concerns about its debt, which represents nearly 100 percent of gross domestic product.