European unions were battling for their financial stability. There were loss of employement and business deals. Standard and Poor's has communicated that it will downgrade the credit ratings of 15 European countries.
Eurpoean leaders are planning to upgrade their financial plans and resolve the debt crisis. S&P announcements is for - AAA rating nations such as Germany and Luxembourg. Cyprus and greece were under observation, their ratings were preety low. The business deals were pending for various reasons and the time line for resolving the issues were extending.
lets hope that EU will come out of this debt situationa and save the world from being arrested by recession.
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