A MAN CHOOSES - A SLAVE OBEYS: Re: S&P strikes again as France, Spain, and others are involved in massive downgrade
Spain, which has experiences civil unrest recently due to a floundering economy and a skyrocketing unemployment rate, had its credit rating downgraded by Standard and Poor’s on Friday. (Wikipedia) …
According to Reuters:
Standard & Poor’s downgraded the credit ratings of nine euro zone…
I don’t disagree that the eurozone is ridden with classic examples of how to drive a country into the ground. However, S&P isn’t necessarily just being a responsible credit rater otherwise I think they would have downgraded the UK considering their debt to GDP is somewhere around 950%.
Yes, you do raise a very good question as to why we have not yet been downgraded. Perhaps because we have the pound compared to the euro?
Although, it can surely only be a matter of time.
I believe the reality is that the S&P wants to keep people buying into the idea that these are just “unique” cases. Keep people from looking at the full numbers that really matter. They seem to be really trying to fixate on public debt vs GDP only
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