According to the managing director for European sovereign ratings, Moritz Kraemer, "the risk of a credit crunch is increasing and the crisis is increasingly becoming a crisis of governance"
Standard & Poor's believes that the risk of a credit crunch is increasing in Europe. “European banks are operating in an environment of tighter credit conditions. The risks of a credit crunch are increasing,” Moritz Kraemer, S&P's managing director for European sovereign ratings, said on a conference call.
”It is our opinion – added Kraemer, according to Bloomberg reports – that the crisis has become a crisis of governance and crisis management in the Eurozone".
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