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Downgrade: Government Surprised and Criticized

People ♦ Published: January 14, 2012; 14:55 ♦ (Vindobona)

For the Austrian government, the downgrade by the U.S. rating agency is „not comprehensible”. The domestic industry urgently claims structural reforms.

Downgrade: Government Surprised and Criticized / Picture: © Vindobona.org

For Chancellor Werner Faymann and Vice-Chancellor Michael Spindelegger, the loss of the “Triple-A” was a surprise. It would be “not comprehensible that one of three U.S. rating agencies decides to downgrade solvency of several countries in the euro-zone single-handedly”. The two other agencies, Fitch and Moody´s confirmed the “AAA” in December and January.

The…

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