From World Socialist Web Site: http://www.wsws.org/articles/2012/jan2012/pers-j17.shtml
Peter Schwarz
17 January 2012
The downgrading of nine euro zone countries by Standard & Poor’s is a politically motivated decision. The rating agency represents the interests of an international financial elite for whom the destruction of working class living standards is not proceeding far or fast enough. This is clear from the official rationale for the downgrade.
“Today’s rating actions are primarily driven by our assessment that the policy initiatives that have been taken by European policymakers in recent weeks may be insufficient to fully address ongoing systemic stresses in the euro zone,” the agency declared.
Italy, whose government has just whipped a draconian austerity package through parliament and is now set to deregulate the labour market, is threatened with further downgrades by Standard & Poor’s if “we see that the technocratic administration fails to implement structural reform measures due to opposition from special interest groups.” By “structural reform measures” S&P means the elimination of legal and contractual provisions that give workers a measure of protection. “Special interest groups” is a euphemism for the working class, i.e., the vast majority of the population.
The same fate is threatened for Spain if the government does not rapidly deregulate the labour market even further and take additional measures to reduce the budget deficit.
European politicians from all parties have expressed outrage at the actions of Standard & Poor’s. French presidential adviser Alain Minc grumbled, “It’s worse than pyromaniac firemen, it is seriously perverse.” German Economics Minister Phillip Rösler of the Free Democratic Party accused the agency of pursuing “its own aims.” The chair of the Left Party, Gregor Gysi, spoke of a “war against the peoples of Europe.”
Continue reading at: http://www.wsws.org/articles/2012/jan2012/pers-j17.shtml
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