The “lack of progress the European policy-makers have so far made in controlling the spread of the financial crisis may reflect structural weaknesses in the decision-making process within the eurozone and European Union,” the agency is said to have told them.
Well, yes, I think \”structural weakness in decision-making\” is something that we\’ve seen ample evidence of, don\’t you?
If they downgrade the US on the back of political deadlock over the debt ceiling, how can S&P do anything other than downgrade every Eurozone member.
In the US there is at least a government responsible for solving these problems, in the eurozone no member state can, of themselves, solve this problem.
So I am surprised it took this long actually. If S&P wish to be consistent they have no choice but to downgrade all of them for exactly the same reason they downgraded the US.