More evidence that European socialism (something that Barack Obama is trying to impose here) doesn't work and is breaking the economies of several European countries, Standard & Poor downgraded the credit ratings of several.
From the Washington Post:
Standard & Poor’s imposed a sweeping cut to the credit standing of major European nations including France on Friday in an action that could further weaken the region’s finances and make life more expensive for governments as they fight to control a chronic crisis over public debt.
The action robs France and Austria of their prized AAA ratings, something the French government in particular had vowed to protect through recent measures to cut spending and raise taxes.
The fact that President Nicolas Sarkozy lost that battle could bode ill for the entire 17-nation euro-region — as well as for his own chances in an upcoming election. The effort to rescue countries like Greece and keep Italy from needing international help rests on the capacity of France, Germany and a cluster of smaller, economically successful countries to keep their economies on track and be able to borrow money at low rates.
The S&P action left the AAA rating of Germany, the Netherlands and Luxembourg intact.
Read more at:
http://www.washingtonpost.com/business/economy/france-loses-aaa-in-euro-downgrade/2012/01/13/gIQAxALzwP_story.html
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