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Page last updated at 08:47 GMT, Tuesday, 6 December 2011

Eurozone downgrade warning 'statement of blindingly obvious'

The credit ratings agency, Standard and Poor's (S&P) is reviewing the credit standing of 15 eurozone countries including Germany, France whose leaders have agreed proposals for tougher budgetary controls.

Ngaire Woods, professor of Global Economic Governance at Oxford University and Terry Smith CEO of Tullett Prebon and Fundsmith discuss what the proposals by France and Germany for EU Treaty amendments for tighter fiscal sanctions might mean.

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