Moody’s reduces Germany’s rating

Moody’s has reconsidered the Aaa ratings of Germany, Netherlands and Luxembourg, making them negative. The rating of Finland was confirmed at Aaa with a stable forecast, although there are still concerns over the fate of the euro, ITAR-TASS reports.

Spain and Italy are still in need of loans. Greece has a higher risk of leaving the euro zone.

Standard & Poor’s says that Germany has a stable forecast with a rating of AAA, while Luxembourg, Netherlands and Finland have a negative forecast.

Fitch keeps their ratings at AAA with a stable forecast for the four states.

World prices for oil dropped due to fears of investors over Spain and Greece.

September futures for Brent Crude Oil at the InterContinental Exchange Futures (ICE) dropped by $3.57 to $103.26 per barrel, RIA Novosti reports.

Prices for September futures for Light Sweet Crude Oil at the New York Merchantile Exchange (NYMEX) dropped by $3.69 to $88.14 per barrel.

The Euro Group confirmed financial aid to Spanish banks worth €100 billion. Regional authorities need to pay off €15 billion of debts.

The EU, ECB and IMF sent their delegations to Greece on Tuesday. The Greek Finances Ministry reported on the budget for January-June 2012 on Friday, stating that deficit dropped to €12.5 billion, compared with €14.9 billion planned by the EU and IMF.