Is Germany Europe’s last hope?

December 7, 2011 09:19


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.



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