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Schäuble sees no danger of losing credit rating

The Local · 20 Aug 2011, 16:24

Published: 20 Aug 2011 16:24 GMT+02:00

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"As long as we continue our sensible policies we needn't fear anything," Schäuble said at the government's open day in Berlin.

The minister said the work of the agencies were superior to government bodies that perform a similar task, but warned that it was not good that there were only three such companies in the western world.

Schäuble added that the agencies had made several serious errors, mentioning their failure to predict the 2008 financial crisis as an example.

The ratings agency Standard & Poor's recently deprived the US of its top AAA rating, though its main rivals Moody's and Fitch have decided not to.

Schäuble also took the opportunity to reiterate the government's refusal to countenance the idea of eurobonds. He said as long as the European financial policy was not unified and there was no European Union finance minister there could be no unified interest rates on European bonds.

He said varying interest rates were a motivation for governments to balance their books.

Story continues below…


The Local (news@thelocal.de)

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Your comments about this article

18:57 August 20, 2011 by lwexcel
It is really unfortunate however if all market indicators are correct a credit rating will be the last thing on a long list that the German & more the EU economy will have to worry about.
19:42 August 20, 2011 by Bill Simpson
Banking expert, Sean Egan was on CNBC US TV Friday morning saying that the banking crisis in Europe will need to be addressed "SOON" or things will get bad very quickly over there. He said a 3 TRILLION euro bailout will be needed to avert a major melt down. He said the USA would have to come up with some of the cash because Europe doesn't have all that is needed. Nearly all the major European banks will need billions of euros of cash, or they will fail, causing a worldwide crisis.

Bill in small town Slidell, Louisiana USA.
10:35 August 21, 2011 by storymann
Credit ratings by whom ?,S&P the same wizards that one month prior to the collapse of AIG gave them 3 stars, and to add insult to injury are being investigated

for giving out higher than realistic ratings for mortgages.

A new and better system for credit ratings is necessary.
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