Standard & Poor's Turns The Screws On Europe.

Standard & Poor's have told Europe to do as it's told today or else. They have threatened to lower various European country's credit rating unless they force their taxpayers to refinance the banks. Germany, the economic giant in Europe, is threatened with losing its AAA rating unless it plays ball while Britain, despite having one of the largest deficit in the western world, will retain it. We asked our economics editor what is going on; "The finance industry wants the money it lost on bad investments back and wants Europe to pauperise its own people to finance it. Britain is flavour of the month because, despite its huge deficit, the Tory party is being obedient. This is not simply about economics - Standard & Poor is now trying to take control of internal state politics. In those countries where the government won't play ball - such as Greece and Italy - they have forced the political establishment to abandon democracy and appoint bankers to the top job. In other countries, such as Germany and France, they are bullying the political leadership into line. In any other sphere Standard & Poor would be in court by now charged with blackmail."