Posted on 11/29/2013 7:11:23 PM PST by Olog-hai
The list of eurozone countries with immaculate credit ratings took another hit this week. On Friday morning, Standard & Poor’s (S&P) removed the Netherlands’ top rating, downgrading the country to AA+. This leaves only three countries in the common currency area with the best grade of AAA: Finland, Luxembourg and Germany. Two years ago, six countries still had that rating. …
Dutch Finance Minister Jeroen Dijsselbloem, who is also president of the Euro Group, recently announced that his country would violate the European Commission’s deficit rules despite an additional €6 billion ($8.16 billion) austerity package. …
Like Germany, the Netherlands had long enjoyed a solid reputation for its stability in the euro crisis—an image that could take a hit as a result of the downgrade. France, meanwhile, lost its top rating a year ago and was further downgraded early this month by S&P. …
(Excerpt) Read more at spiegel.de ...
This should be bullish for the stock market. Because, thanks to Ben, everything is bullish for the stock market.
Luxembourg? Is that still a country? I thought it was downgraded to a suburb of Germany.
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