Eurozone reacts to credit rating downgrades

It’s clear Europe still faces an uphill climb in the wake of economic uncertainty.

German Chancellor Angela Merkel says Standard & Poor’s downgrades of nine eurozone countries shows the region has a long road in front of it to win back investor confidence.

She’s pushing for European countries to implement a planned pact to strengthen budget discipline, and implement their permanent rescue fund.

Germany wasn’t actually downgraded by Standard & Poor’s, but France, which co-piloted the rescue effort, has lost its top triple-A rating.

In Paris Saturday, a crowd gathered in front of Standard & Poor’s office to protest France’s credit downgrade.