Chancellor Angela Merkel's Government says that Germany will remain a haven during the financial crisis, rallying against Moody's Investors Service's decision to lower the outlook on the country's top credit rating.
"Germany will, through solid economic and financial policy, defend its 'safe haven' status and continue to responsibly maintain its anchor role in the eurozone," the ministry said in an emailed statement. "Together with its partners, it will do everything to overcome the sovereign debt crisis as rapidly as possible."
Eurozone bonds fell after Moody's lowered the outlook to negative for the AAA credit ratings of Germany, the Netherlands and Luxembourg, citing "rising uncertainty" over Europe's debt crisis. It left Finland as the only country in the 17-nation euro region with a stable outlook for its top ranking.