Saturday, November 30, 2013

S&P downgrades Netherlands, recently violated European Commission deficit rules-Der Spiegel

11/29/13, "Weak Growth: Agency Strips Netherlands' AAA Rating," Der Spiegel

"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."...via Free Rep.


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