Pro-U.S. Credit Rating Agencies Have Declared War on European Union (Magyar Nemzet, Hungary)
Are the American-based credit rating agencies in cahootz with the U.S. government? Columnist Anna Szabó of Hungary’s Magyar Nemzet Konyvek sees a war on Europe and specifically Hungary in the latest credit rating downgrades by Standard & Poor’s and Moody’s, and exorts Europeans to create their own credit rating agency that would be independent of U.S. influence and offer more accurate forecasts.
The stakes are already high. New York rating agencies Standard & Poor’s and Moody’s, amid the global competition, are clearly trying to strengthen the position of the United States. They are fully aware that their downgrading can only harm Europe. And in fact, that is their objective. This is an economic and currency war between the U.S. and Europe. The step taken by S&P’s is already tantamount to carpet bombing. As one of the most indebted members of the European Union, their war is affecting us here at the far end of east-central Europe.
As we see it, the entire United States and the whole of the eurozone is struggling with a serious debt crisis – and at stake is which superpower can withstand the latest wave of recession with the least amount of damage. The E.U. must throw down the gauntlet, ban country ratings, and create a European rating agency in their place.
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