Saturday, January 14, 2012

Credit Ratings Blitz Fuels Eurozone Fears after NINE Countries are Downgraded

The eurozone economy has been plunged back into crisis after the credit worthiness of nine nations were downgraded by a leading ratings agency.

Standard & Poor's (S&P) stripped France of its gold-plated AAA credit rating, and also lowered the long-term ratings on Austria, Malta, Slovakia, and Slovenia, by one notch.

The rating levels for Cyprus, Italy, Portugal and Spain were dropped two notches, while there was no change for Belgium, Estonia, Finland, Germany, Ireland, Luxembourg, and the Netherlands.

Only Germany escaped unscathed and kept hold of its AAA credit rating.

The 17th eurozone nation, Greece, already in deep trouble, was not reassessed in the latest declaration from S&P.

The move to strip France of its triple-A rating is key because the country is partly responsible for underwriting the eurozone bailout fund, which is at the heart of efforts to ease fears of a eurozone collapse. Read More

Note: Looks like Germany will be the SOLE Leading Power now in Europe. Will they wait till Monday to throw United States of Europe as the only Savior at us?