A "Standard & Poors" explica-se

Credit FAQ: Factors Behind Our Rating Actions On Eurozone Sovereign Governments

Today's rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the eurozone. In our view, these stresses include: (1) tightening credit conditions, (2) an increase in risk premiums for a widening group of eurozone issuers, (3) a simultaneous attempt to delever by governments and households, (4) weakening economic growth prospects, and (5) an open and prolonged dispute among European policymakers over the proper approach to address challenges.

The outcomes from the EU summit on Dec. 9, 2011, and subsequent statements from policymakers lead us to believe that the agreement reached has not produced a breakthrough of sufficient size and scope to fully address the eurozone's financial problems. In our opinion, the political agreement does not supply sufficient additional resources or operational flexibility to bolster European rescue operations, or extend enough support for those eurozone sovereigns subjected to heightened market pressures.

We also believe that the agreement is predicated on only a partial recognition of the source of the crisis: that the current financial turmoil stems primarily from fiscal profligacy at the periphery of the eurozone. In our view, however, the financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the EMU's core and the so-called "periphery". As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers' rising concerns about job security and disposable incomes, eroding national tax revenues.
[Serão estas as "considerações do foro político" que indignaram Passos Coelho?]

3 comentários:

Anónimo disse...

É um excelente ponto de partida para que se traga ao debate público a "economia política" e não apenas a "economia".


Os loucos que nos governam, de Passos a Merkel, estão a tal pronto entranhados no seu delírio, a tal ponto convencidos que a miséria dos povos é o caminho para a riqueza das nações, que já nem ligam ao que dizem as suas queridas agências de rating.

Zuruspa disse...

Prostituta da coincidência: a notaçäo da Irlanda näo desceu, mesmo com os indicadores a irem por aí abaixo.

Se a notaçäo da Irlanda caísse, quem seria arrastado? O país mais exposto à dívida irlandesa é... mmm... aquele que também apresenta os indicadores TODOS piores que os da França, mas cuja notaçäo permanece intocada.

A S&P podia clarificar também isto, näo é? O ataque ao Euro continua...