Credit Rating Agency Threatens to Downgrade all Euro Zone Nations says Pan American Metals of Miami
Written on December 7, 2011 – 7:08 am | by Chloe Gatenby
Action by S&P threatens even healthy European economies.
MIAMI, FL – Standard & Poor’s threat to downgrade not only the credit rating of all the European nations in the euro zone, including that of France and Germany, but also that of its bailout fund, the EFSF, served to cause a minor panic; the euro slid, the dollar gained, and gold, therefore, slid also. The bad news was somewhat ameliorated by the announcement from French President Sarkozy and German Chancellor Merkel of tough measures to keep rogue nations in line and avoid other euro zone countries from accumulating debt in the future. Their proposals will be voted on at Friday’s summit meeting.
The action by S&P seems almost threatening, coming as it does, just as European leaders are entering talks to solve the crisis. The idea of countries such as Germany and Austria being downgraded by the agency seems barely credible yet all members of the common currency are necessarily affected by the staggering debt levels of some of the nations. Iro
Tags: Credit Rating, Euro Zone, Miami
