A member of the European Parliament have recently stated learn that the recent downgrades are part of the American War Against Europe. When the downgrades happened to hungary, the EU elites were only too happy to cheer the same agencies on from the sidelines. Now the tone of conversation is much different:
“the downgrade is a targeted attack on Europe by the American rating agency.” Insisting that there were no “plausible grounds” for the downgrades, Brok continued, “Consequently, the S&P downgrade is a matter of interests. They have declared a currency war on us.”
Asked whether he meant that the United States is “waging financial war“ on Europe, Brok specified, “Certain forces in the USA, in particular in the world of finance. It is evident that their one and only aim is in this way to promote Anglo-Saxon interests at Europe’s cost.” “They want to shatter the eurozone, in order to make money,” he added.
There was also talk about “regulatory revenge” against the rating agencies, in the press. The head of the European Central Bank, Mario Draghi launched an all out attack against the credit raters saying the markets need to pay less attention to them. There are longstanding plans to establish a special European rating agency with the implication that the others falsify ratings of European countries.
This is the exact same conversation that took place in Hungary earlier. Opposition parties and the left-liberal media referenced the downgrades as proof of economic mismanagement, while the government used arguments much like the above.
On thing have become clear however, since many European countries are in huge trouble. Over the recent decision, nine countries were downgraded where the minister is not called Matolcsy, nor the PM Orban. The issue is clearly not Hungary specific but continent wide. Europe could help Hungary the most by solving it’s own deep crisis and getting on a trajectory of sustainable growth instead of the current recession.