Decision credit rating agencies Standard & Poor's (S & P) to put under surveillance ratings of 15 countries in the euro area represents a turning point in the crisis that threatens to throw the European economy and in recesiune.Practic European states remain defenseless to expanding the crisis.

Despite all the strategies developed by European leaders to rescue eurozone and the euro (at least three different plans in the last six months), the European economic situation continues to deteriorate, each of Community and even threatening the world economy.

Last night, rating agency S & P decided to put under surveillance ratings of 15 euro area countries, including those of countries with "note" "AAA" (the best) - Germany, Austria, Finland, France, Luxembourg and the Netherlands .

Practically, this means that any EU state is no longer considered safe for investors. Rating determines the interest on that borrowing countries of the markets. As most of these countries are running budget deficits, that lends the dobâzile to international capital markets are very important.

But more than that, the decision of the S & P shaken the very structure that EU leaders had hoped to build new European economy out of crisis stronger and more powerful.
Despite emergency fund (European Financial Stability Facility - EFSF) developed a year ago to rescue countries with problems, they are still vulnerable and investors avoided.

Moreover, the crisis has already broken down barriers so-called PIIGS countries (Portugal, Italy, Ireland, Greece, Spain) and started to affect the countries of Eastern Europe and even the "heart" of the euro area (Germany strong even have problems when wants to borrow).

At a bond issue in late november, Germany's central bank had to intervene and buy more than 40% of total government bonds that the state wanted to sell, but did not find cumpărărtori.

Now, equally disturbing is the fact that Germany, the largest and most powerful economy in the EU, is put together with other countries with problems in the euro area and could lose "AAA" rating.
Germany is the largest contributor to EFSF. France is the second. Even if, of all six states rated "AAA" (which, in total, a contribution of 58% to fund emergency) only rated France will be reduced (S & P warns of a reduction of second stage, Moody's and Fitch say they could do the same), then emergency fund will lose "AAA" rating. France's contribution is 20.3% of the capacity credit of the fund.

Fund bond issue and the money thus obtained are used for lending to countries with problems. Therefore, EFSF depends as much on the rating it has. If the fund can not borrow cheaply, then the whole mechanism of rescue - and the last safety net - the euro area collapses.

Basically, one that would mean that EU leaders no longer have any leverage in the short term crisis spread. Emergency fund that was created - to intervene when a state can not borrow at sustainable rates in international markets and, thus, stop the crisis extending from one state to another.
German Chancellor Angela Merkel and French President Nicolas Sarkozy announced that they have big plans, including modification of European treaties so as to correct the imbalances that have allowed Europe to reach the critical situation in which the. But all these require time and plans the most powerful couple in the EU, international press dubbed "Merkozy" do not include short-term solutions. Or at least they have not been presented yet.