Half the ones in the EU they mentioned got hundreds of billions of dollars from us in 2008. And they’re still having serious problems. How can THEY keep a AAA rating after all that?
It just doesn’t seem to make sense. Yes I know Congress didn’t cut spending, but that’s not the only factor. If it weren’t for hundreds of billions of us dollars to EU central banks in 2008 propping them up, and who are still having real debt problems still, I don’t see how several of them haven’t lost AAA status.
Not saying we don’t have reason to drop from AAA, just saying I don’t think many of the euro countries listed ought to have it either, given who’s floated them along the last few years. US dollars save eu country AAA ratings but not ours? That’s what it boils down to and it don’t seem right. NOt when most of those eu contries are still spending like nuts on social programs. Especially the UK.
They didn’t hall them before congress and berate them. Payback is a bitch.
Good points. However, the EU countries have higher economic growth rates and more employment than we do which helps lower their debt. Fox Business breaks it down nicely: http://www.foxbusiness.com/markets/2011/08/05/last-countries-with-triple-ratings-and-those-at-risk-losing-them/