Pois é, parece que a Standard & Poor’s resolveu baixar o rating de vários países europeus, incluindo Portugal, colocando-nos ao nível de lixo. Qual a justificação da agência?
The outcomes from the EU summit on Dec. 9, 2011, and subsequent statements from policymakers, lead us to believe that the agreement reached has not produced a breakthrough of sufficient size and scope to fully address the eurozone’s financial problems.
We also believe that the agreement is predicated on only a partial recognition of the source of the crisis: that the current financial turmoil stems primarily from fiscal profligacy at the periphery of the eurozone. In our view, however, the financial problems facing the eurozone are as much a consequence of rising external imbalances and divergences in competitiveness between the eurozone’s core and the so-called “periphery”. As such, we believe that a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers’ rising concerns about job security and disposable incomes, eroding national tax revenues.
O que quer isto tudo dizer? Em poucas palavras, que as decisões tomadas pelos países e órgãos governativos europeus não são suficientes para resolver o problema da crise soberana e que o remédio aplicado poderá ser desadequado, quer por um diagnóstico errado da doença, quer por o paciente poder vir a morrer da cura.