Fitch downgrades five eurozone countries

Rating agency Fitch carried out its threats on Friday and downgraded the ratings of five countries in the eurozone including Spain, Italy, Belgium, Cyprus and Slovenia. Ireland ratings where reaffirmed, informed the agency.

Italy was cut from A minus from A plus, while Spain was downgraded to A from AA minus. Belgium was cut to AA from AA plus, Cyprus was cut to BBB minus from BBB and Slovenia was downgraded to A from AA minus. Ireland's BBB plus rating was reaffirmed.

"In Fitch's opinion, the euro-zone crisis will only be resolved as and when there is broad economic recovery. It is evident that further substantial reforms of the governance of the euro zone will be required to secure economic and financial stability, including greater fiscal integration," the ratings firm said in a statement.