A Eurozone credit ratings agency could counter the negative impact of downgrades applied to Greece, Portugal and Spain

Greece is getting set to accept a series of austerity measures in return for securing a multi-Bbillion euro financial rescue package. Negotiations are underway on a programme stretching over the next three years. Pressure has intensified after a US agency downgraded the credit status of Greece and two other Eurozone countries - prompting calls from some for Europe to set up its own ratings agency.