#Chancellor George Osborne 'seen dancing in the streets' after UK debt downgraded just one notch to #Aa1; '1000%' debt:GDP ratio 'ignored'— Asad Yawar (@Mediolana) February 24, 2013
Moody's downgrade means #Germany and #Canada only G20 economies left with intact #AAA ratings; revisions 'inevitable' tinyurl.com/bwzjnos— Asad Yawar (@Mediolana) February 24, 2013
Filed under Economics, Finance, Politics
Tagged as Aa1, AAA, debt downgrading, eurozone crisis, George Osborne, Gross Domestic Product, Moody's, rating agencies, United Kingdom
I think we only clung on to the AAA up to this point because the government gave the impression that it would not shirk taking on the economy despite the discomfort to the country. However its turned out that they don’t really know what to do, and what they’ve been doing so far has been pretty useless. My guess is that the Conservatives would have been looking for the opportunity to take advantage of an ‘emergency’ situation to push through reforms and legislation that would not otherwise have been possible, and so strategically there were some long term gains to be made by the 1% in the continuing crisis. However the sheer complexity of events and lots of distractions and inexperience means that little has been achieved by the coalition so far; and so the AAA was lost….
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