Juncker states 'strong commitment' to euro's stability

Eurogroup chief Jean-Claude Juncker on Tuesday stated his "strong commitment" to the eurozone's stability after ratings agency Moody's downgraded the outlook of three members including Germany. Asserting that Germany, The Netherlands and Luxembourg have "sound fundamentals," Juncker, who is also Luxembourg's prime minister, said: "Against this background, we reiterate our strong commitment to ensure the stability of the euro area as a whole." "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 (three) and other euro area countries continue to enjoy," his statement said. Moody's on Monday cut the outlook for Germany, Europe's largest and most pivotal economy, to "negative," and did the same for The Netherlands and Luxembourg, saying that all three faced risks from Greece leaving the eurozone and from the need to stump up cash for potential bailouts for Spain and Italy.