Karl SmallmanSPAIN’S long-term rating on its debt was cut yesterday from AA- to A, the second downgrade by the credit rating agency Standard & Poor in three months and the fourth since January 2009.
Eight other European countries were also downgraded with France and Austria losing their top AAA credit ratings.
Germany kept its triple A rating, along with the Netherlands, Finland and Luxembourg.
“In our view, the policy initiatives taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone,” S&P said in a statement.
In the EU Commission’s quest to enlarge
EU membership as quickly as possible, it proved the old adage, ” A chain is only as strong as its weakest link”. Knowing some applying for membership did not meet the financial criterias, and were “cooking the accounting books” at that, the leading/solid economies of Germany, France, etc killed themselves.
And the EU Commission/Parliament have proven themselves far too financially UNcontrollable to hold any member state accountable to strict standards. Taxpayers wait to hear voices like David Cameron (UK) say “This recent EU bill is not only UNacceptable, WE WON’T PAY IT!”
That’s what a “Thatcher” would firmly say