Debt Refrain: Germany calls the tune of last hope

[Xicano]

Run time: 03:52 https://www.youtube.com/watch?v=Xskm4ocDkd0   Posted on YouTube: December 06, 2011 By YouTube Member: RussiaToday Views on YouTube: 302   Posted on DU: December 06, 2011 By DU Member: Xicano Views on DU: 571

 

The euro's time is almost up - so says one of the big three credit rating agencies as it prepares for a mass eurozone debt downgrade. S&P's announcement shook international markets, with investors cutting and running on European holdings.

Especially worrying for them this time is that even Germany, seen as the EU's backbone, is not being spared. Standard & Poor's justified its decision by pointing out the bloc's consistent failure to stem its debts, even as nations saw their bond interest rates rocket.