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NEWS > EVERYONE ELSE > EUROPE GOES ON A DOWNGRADE SPREE
EUROPE GOES ON A DOWNGRADE SPREE
January 27 2012
Paris, France – Just when things looked like they were starting to get better, they started to get worse. Despite some recovery, and a very robust effort to keep the economies of Europe stable and healthy, a number of nations are still suffering and many have now been downgraded by ratings issuer Fitch.
Spain, Italy, the old stalwart Belgium, Cyprus, and Slovenia have all seen their ratings reduced in the latest round of cuts against Europe and the beginning of what may end up be the end of the Euro as we know it. While hardly dramatic in terms of numbers, the sheer volume of cuts has shocked many, creating fears that this may just be the warm up for the big event yet to come.
Thus far, Fitch has made no comment on further downgrades but it is believed that now with their appetites whetted, it may be a simple thing for them to just start issuing cuts across the board, slicing through the continent like it was fine French cheese, crushing economies and the hopes and dreams of millions who thought, believed, they were on the tail end of the crisis.
“In Fitch's opinion, the eurozone crisis will only be resolved as and when there is broad economic recovery. It is evident that further substantial reforms of the governance of the eurozone will be required to secure economic and financial stability, including greater fiscal integration,” said the company in statement.
It later added that no country was safe. That Fitch could find them no matter where they hid, no matter what they do, that Fitch is always watching and will always be right around the corner, waiting.
It’s not clear why Slovenia has a rating at all or if it will affect anything for anyone anywhere. Rumours suggest that their downgrade is linked to a slighted love affair, though that has not been confirmed.
“I would imagine that this is very much a warning to other EU nations, a warning that they are all at risk no matter what they do. You’ll notice that there was only one important economy in this group, one venerable one in Belgium, but it really only Italy’s economy that matters. Because of that, it reeks of a glancing blow, a warning shot,” said Scrape TV Business analyst Ken Green. “Fitch wants to make it clear that they are the big boy on the block and that nothing anyone does can change that. They can keep recovering their economies all they want, but if you do Fitch wrong, you are going to suffer.”
There are other credit ratings agencies around the world but the Paris-based Fitch is considered the most temperamental and snootiest, obviously.
“Hopefully the countries of Europe take this warning for what it is, for the sake of Europe as a whole. Fitch obviously didn’t want to destroy them but they also wanted to make it clear what power they hold, and they did that, and hopefully Europe listens this time,” continued Green. “Otherwise we can expect even more downgrades, a rampage unlike anything we have ever seen before that could push the entire continent into bankruptcy, which of course will lead to war and chaos on a scale the likes of which we have never seen before, all while Fitch collects profits from all sectors.”
Fitch did not return requests for comment because Fitch does what it wants.
Emil Uliya, International Correspondent
NEWS > EVERYONE ELSE > EUROPE GOES ON A DOWNGRADE SPREE
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