Moody's anticipates that the summit last week had expected decisive effect and leaves the euro area exposed to new shocks.

"The absence of measures to stabilize short-term loan markets imply that both eutro area and EU as a whole, remain exposed to future shocks and the euro area is constantly threatened" according to a release of the rating agency took over from Tribune.



Rating agency added that the crisis reached a critical level, and sovereign debt markets remain exposed to disturbances becoming more pronounced, monetary and financial authorities that they face increasingly more difficult.

Moody's affirmed the end of November as rapidly worsening debt crisis Eurozone notes threaten the solvency of all European countries, including those considered more stable and the Netherlands, Austria, Finland and Germany. EU leaders reached an agreement Friday to strengthen fiscal discipline, to which Britain but declined to participate.