Sunday 15, January 2012 by Jim O'Neill

Europe is not the world

Late Friday, the S&P finally followed through with their early December 2011 threat and downgraded a number of European countries’ credit rating, including Austria and France, who lost their AAA status. This threat had been hanging over the markets ever since the last EU Summit and, at least for this credit rating agency, the framework proposed for the “fiscal compact” has not been sufficient to avoid the downgrades.

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