Investors are "clearly overreacting" to the scale of the euro zone crisis, Joaquin Almunia, EU Commissioner for Competition Policy and vice president of the European Commission, said in a press conference in London late on Monday.
Moody's cut Greece's debt rating to junk, the second major ratings agency to do so after S&P's move at the end of April.
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"The markets are clearly overreacting to the problems in Europe," Almunia, who was speaking before news of the Moody's cut came out, said.
The markets' reaction to the Moody's downgrade was not as drastic as that in April,when stocks plunged across the board. read more
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