Financial markets rose after the meeting as traders calculated that the plan would protect indebted countries such as Italy and Greece Photo: Sean Gallup/Getty Images
Debt Crisis: All 17 Eurozone Countries Face Losing AAA Credit Status -- The Telegraph
European leaders have been threatened with a downgrade in their credit ratings if a Franco-German plan to resolve the eurozone debt crisis does not soon show progress.
Standard and Poor’s, a credit-rating agency, said all 17 eurozone members, including France and even Germany, could lose their AAA ratings without speedy action to resolve the crisis.
A downgrade would effectively scupper the euro rescue because the EU bail-out fund would no longer be able to raise money on bond markets.
S+P has told eurozone countries including Germany, France, the Netherlands, Austria, Finland, and Luxembourg that they could be downgraded because of the failure of leaders to resolve the debt crisis.
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My Comment: As long as the culture among the political class is to spend and spend and spend .... our debt/financial crisis with all of its consequences will just continue.