Have been made to the states and varies as a possible escape? Legislative changes are necessary?

Italy was downgraded (120% gross debt of the gross domestic product / GDP), Spain was downgraded (68% gross debt of GDP), Greece was downgraded (142% gross debt of GDP), Ireland was downgraded (108% gross debt of GDP), Portugal has been downgraded ( 107% gross debt of GDP), Germany has been downgraded (81% gross debt of GDP) and more countries are added.

The crisis and the evaluation of the Rating Agencies

It seems as if befande Europe in the grip of the credit rating agencies. The impression is reinforced by the fact there just before the entry into force of the European fiscal package and the measures the stability mechanism (ESM), the gradation of the rating agencies heaped. Who would not let them influence. The question should be allowed who now controls the financial policy. The democratically elected governments or agencies Rating?


Certainly, governments, perhaps in part the voters in the indebted countries to be responsible for the misery and the rating agencies now show the shortcomings and errors of the past. That this is not pleasant, you can understand that. But perhaps it is salutary. For the EU would emerge from a disaster certainly mastered strengthened. Strengthened to such an extent that the serious mistakes of the past would be avoided in the future.

One can hardly believe that countries such as Greece had made flattering introduction to key figures from the €. Despite these omissions and deceptions, one must always keep in mind that a state can not be governed solely by market principles. Therefore need to find economies in the evaluation of more than just the purely economic point of attention. Since this is a Rating agency is not possible, the fate of a country depend on the judgment of an impossible Rating agency alone.

The states have already done too much of a market economy mechanisms dependent?

If in connection with a downgrade of Greece politicians like Guido Westerwelle warned speculators to speculate against the fate of an entire country, then one can gather from this how much the policy, the issue has been already out of hand. Can not the economy that is designed to maximize profits Greece back on its feet, but a community that can ultimately determine what actions are required prior to the impoverishment and misery of citizens to preserve. Can do justice. For without justice is no social peace, stability, and thus not possible.

Perverse appears to a downgrading of Spain because of the money will rescue screen used. This shows quite clearly that the Rating agencies are not capable of such judgments for entire economies perform realistic. This is also evident as companies act according to market principles. The social component is almost completely hidden here. It imposes itself on the question then, when states its social commitment is no longer able to maintain, because they have to follow market rules.

Could be mitigated by legal regulations, the dependence of the Rating Agencies?

It can be seen clearly that the rating agencies to the crisis by their assessment practice worse. This is the international investors in so far right that they get more money for their interest. As a consequence, will now allow a better control legislation, said Angela Merkel. If more law, the situation in the euro area, but really improve? And what kind of laws would affect the assessment of national economies by US-American rating agencies? One thing is certain. A quick end to the debt drama would certainly be necessary. But how?

Solution parallel currency in the embattled country

There are now serious concepts that provide for a so-called parallel currency. This is not a currency to be introduced instead of the euro, but parallel to the euro. So also the German bank sees this as an alternative to a euro exit of ailing countries. According to the proponents in the euro could be stabilized without leakage. Since it would be in the same currency a legal tender, it would have the necessary security for the acceptance would be required. In the case of Greece this currency would be devalued abruptly. Greek products and services would fare better by international standards and the flight of capital abroad could be contained. Such an approach has been practiced successfully in Austria after World War II.

Processing of grievances

Social systems must always serve the people. Only they can derive from their place. Therefore, the processing of the crisis that has engulfed not only the European economies to continue. You may have not only economic goals and the allocation of capital in view, but must be based on the inviolable dignity of the human person and in natural and moral standards.