Standard & Poor’s has downgraded the credit ratings of France, Italy, and Spain, as the European debt crisis continues to intensify.
According to French government sources, the ratings agency has downgraded the country’s Triple-A credit rating, while downgrading Italy and Spain’s ratings as well. Italy’s credit rating was cut by S&P by two notches to BBB+.
However, the agency has spared other European nations such as Germany, Belgium, Luxemburg, and the Netherlands.
Meanwhile, US stocks have dropped over the recent EU concerns, while European shares also fell by more than one percent.
The news also caused the euro to slump against the dollar and yen.
Recent reports indicate that debt-ridden Greece’s talks with bank creditors are in “grave condition.”
In December, S&P placed the ratings of fifteen eurozone nations, including France and Germany on credit watch negative.
The worsening debt crisis, however, has forced the European governments to adopt harsh austerity measures and tough economic reforms. Tens of thousands of the Europeans have migrated from their homelands as a result of these difficulties.
There are fears that more delays in resolving the eurozone debt crisis could push not only Europe, but also much of the rest of the Western world back into recession.
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These corrupt rating agencies that were paid to be silent during the US housing fraud (MBS) and other financial garbage rated as AAA should have been sentenced to a firing squad long ago, and then, being urinated upon by those marines of “high standing”.
That EU heads of state allow their countries to be raided by the vampire squid and its allies, instead of blocking the Wall Street (and London) casino crime cabal, shows that the EU has been infiltrated already because the worst possible action in an economic downturn is to cause more unemployment, and to increase the cost of living via economic “reforms / austerity” (= hardships).
It is a self-reinforcing feedback loop because tax revenue will decrease, sending the state into higher debt which in turn is used by the corrupt rating gangsters to downgrade ratings even further: in order to force a state to sell public assets to the vultures which always increases the cost for the consumer while gutting the service and sending the profit to London and Wall Street.
It is forgotten what happens with US “allies” when they’re no longer useful: plundered first and executed, later. This is what is happening in the EU now, with the US population too, and any population that no longer can be used as a highway to profit for the ravaging 1%.