In addition, Schäuble advised in dealing with the rating agencies to serenity: "We should not be making very crazy." Thus, the agencies have not cheap moncler recognized that "Europe has the strongest economy in the world" and that, as regards its reforms with debt problems. In addition, the rating agencies some of the financial products that could have triggered the 2008 economic and financial crisis have even designed and rated AAA.
However, the downgrade meets France meets the EFSF the wrong time. This is what experts such as the chief economist of Deutsche Bank, Thomas Mayer, the rescue seen already in danger.
With the graduation of the creditworthiness of the EFSF might even lose its AAA rating, Mayer wrote in the newspaper "Bild am Sonntag". The fund is likely to have trouble finding investors. In recent months there had not been for the EFSF have been easy to raise capital on the market. In the next few months should EFSF again to gather information from the market to tens of billions of Greece for the new program. With only one secondary rating for the EFSF it will difficult to find new investors.
Late last week yielded ten-year bonds at 3.2 percent EFSF. "It is possible that the shield investors offer higher future interest rates need cheap jackets for men to be able to sell his papers," said Mayer.
EFSF foundation totters
The bailout fund EFSF itself has no capital. Rather, it is dependent on giving him the benefit of the weaker countries more money. Following the downgrade of France, which has lost its top AAA rating and a similar step for eight other euro countries such as Italy, Spain and Portugal totters, now the foundation of the rescue fund.
Because in addition to France and Austria lost its top rating. Thus, rather than shifting six countries with an AAA rating, only four countries in the European rescue fund EFSF. Should there be further downgrades for countries that belong to the backbone of the EFSF, this could have serious consequences for its role as a lender in crisis. Currently, France and Austria still rated by two rating agencies, with the best: Both Moody's and Fitch stressed to France do not want to graduate.
Jean-Claude Juncker, head of the Euro group, stressed that the euro-zone countries would consider measures to obtain the credit rating of the bailout. Because of bailout funds should have missed a lower credit rating, he could lose his status as Krisenfinancier.
Olli Rehn proposes a new fund.
One possible solution aimed at EU Monetary Affairs Commissioner Olli Rehn. The EU leaders urged the countries to create a new fund that manages its own capital Moncler Accessories - Cheap Moncler Jackets and is less dependent on the rating of the Member States.