French, Italian, German and Spanish long-term sovereign bonds during the culmination of the Eurozone debt crisis in 2011 … bond yields to rating announcements. We infer from these findings that CRA announcements significantly influenced crisis …-time capital allocation in the Eurozone. Their downgradings caused investors to rebalance their portfolios across member countries …

triggered and propelled Ireland’s drift towards sovereign default: first, the global financial crisis that drove Ireland into a …