The world's credit ratings agencies have come under attack from Germany and France over their role in Europe's debt crisis, with the US joining calls for tough measures to curb their influence over markets.
In a joint letter issued on the eve of today's eurozone summit in Brussels, Angela Merkel, German chancellor, and Nicolas Sarkozy, French president, demanded a review of how the agencies evaluate government debt and publicise their decisions.
Eurozone leaders were incensed when Standard & Poor's downgraded Greece's debt to junk status as they were finalising a €110bn ($140bn) rescue package for the country. The downgrade led to a steep sell-off in the Greek, Spanish and Portuguese bond markets, adding to their borrowing costs.
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