And that's exactly how it is! Did yall follow the latest news about the credit rating agency Standard & Poor's downgraded France and Austria?
When S&P downgraded two previously AAA rated European countries last Friday, the whole eurozone was shocked. Along with 7 other European countries France and Austria, two of the currency zone's six triple A rated countries, lost their top grade. This led to a downgrade of the rescue fund EFSF this afternoon. To obtain future independence from further ratings the eurozone countries try to launch the permanent rescue fund ESM till the middle of 2012 which would have a basic capital of 100 billions of €.
Not only I have to agree with the statement France's finance minister François Baroin made when he said that "It's not the rating agencies that dictate the policies of France." It aren't the rating agencies that should dictate the policies of Europe either!
The credit rating agency Standard & Poor's is at least - like the other two big rating agencies Moody's and Fitch - an American company and even if they proclaim not to do it they all stick to the only financial system they know best: the American financial system with it's all-power-to-the-bank policy. One should think that someday, even they will learn that they can't force everyone else to adapt their political views. S&P's attack on European politics is seen as a big affront by most Europeans including myself.
So people, what do you think? Please let me know!
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