S&P motiverar sänkningen från AAA
What is more interesting than just the decision by S&P itself is the reasoning.
The rating agency said it feels that the December summit failed to address the actual crisis
“We also believe that the agreement is predicated on only a partial recognition of the source of the crisis: that the current financial turmoil stems primarily from fiscal profligacy at the periphery of the eurozone.
In our view, however, the financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the eurozone's core and the so-called "periphery".
As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers' rising concerns about job security and disposable incomes, eroding national tax revenues. “
Eurointelligence
Dom förstod nog också. Men dom teg
http://englundmacro.blogspot.com/2012/01/biggest-danger-is-greece-greece-has-14.html
The rating agency said it feels that the December summit failed to address the actual crisis
“We also believe that the agreement is predicated on only a partial recognition of the source of the crisis: that the current financial turmoil stems primarily from fiscal profligacy at the periphery of the eurozone.
In our view, however, the financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the eurozone's core and the so-called "periphery".
As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers' rising concerns about job security and disposable incomes, eroding national tax revenues. “
Eurointelligence
Dom förstod nog också. Men dom teg
http://englundmacro.blogspot.com/2012/01/biggest-danger-is-greece-greece-has-14.html
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