Fitch affirms top AAA credit rating for European UnionMarch 20, 2013 - 10:10 AMT PanARMENIAN.Net - Fitch on Tuesday, March 19, affirmed its top AAA credit rating for the European Union, judging financial support by member countries as providing a strong backstop to its limited borrowing, the Economic Times reported. The EU has seen its role as a lender to its member states who hit financial difficulties expand considerably in recent years, and itself borrows money for this purpose. But Fitch said the outlook on the EU's top credit rating is stable as the bloc keeps its yearly debt service well below the additional amounts it can call upon from member governments in case a borrower defaults. Despite having downgraded a number of the 27 EU member countries in the past two years, the ratings agency said the top-rated countries still account for nearly two-thirds of the EU budget. "Fitch takes comfort from the fact that the expected yearly debt service of EU... until 2020 is fully covered by the additional contributions to the EU budget that could be provided by MS currently rated AAA/Stable," it said in a statement. Most of the 55.7 billion euros in outstanding EU loans at the end of 2012 were for the EFSF bailout fund, which is being phased out in favor of a different mechanism which is being capitalized by member states. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Narek Manasyan wins European Boxing Championships silver for Armenia Armenia’s Narek Manasyan (92kg) won Armenia’s second silver medal at the European Boxing Championships 2024 on April 28. Blinken urges Azerbaijan to continue negotiations with Armenia Secretary of State Antony J. Blinken has urged Azerbaijani President Ilham Aliyev to continue negotiations with Armenia. Pashinyan, Blinken talk Armenia-U.S. ties over the phone Prime Minister Nikol Pashinyan had a phone conversation with US Secretary of State Antony Blinken on April 28, Pashinyan’s office reports. Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. |