Germany’s previously untainted European credit rating was put on negative watch yesterday, alongside that of other AAA rated countries such as the Netherlands and Luxembourg, according to online coverage by the BBC. This comes as the Eurozone continues to battle against the economic crisis that has plagued the economic community over the past year, as countries like Spain fall into increasingly severe financial difficulty. Now it seems that even some of Europe’s financial giants, such as Germany are beginning to lose their previous stability.
Italy, Spain, Greece, Portugal and Ireland are countries that have particularly suffered over the past year in Europe, with rocketing unemployment, requests for European bailout funds and, in the case of Greece, the need to subscribe to harsh austerity measures in an attempt to piece back together the country’s shattered economy. The widespread need for European financial aid has therefore destabilised the position of those providing this much needed financial back up. Earlier this year the news that France and Austria lost their AAA credit rating perhaps forewarned that countries such as Germany, the Netherlands and Luxembourg may possibly follow suit. Only Finland now remains the only European member state boasting a stable AAA rating.
The knock-on effect of financial crisis in the European Union seems to be emblematic of one of Europe’s principal difficulties: namely reconciling the cultural and financial situation of all its member states. The future of the Eurozone therefore remains uncertain, as the European economic community fears the drop-out of individual member states and the collapse of the single European currency. In one of its online articles, The Guardian even speculated that the risk of countries leaving the euro does not only apply to those who are financially struggling, as countries such as Finland may think the threat of the euro to the national credit rating is just too large.
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