Quotes from "Der Standard" and other ruminations...

The "Standard" is probably the most renowned and respected Newspaper in Austria. It's articles always seem to be well researched, its reporting unbiased and without hyperboly.
"Der Standard" quotes "the best known Economist of Italy, University Professor Tito Boeri" as follows:
"If the economic growth (of Italy) cannot be kick started, an improvement of the country's financial position is unlikely."
The "Standard" then graphically shows a number of data depicting Italy's economic situation:
Budget Deficit: in % of the G.D.P. climbs from 3.3 in 2006 to 5.3 in 2009 and down to 4.3 in 2011.
The limit allowed by E.U. Regulations is 3%.
Total Debt: (as a % of GDP) : in 2006 = 107%, in 2011 it will rise to an estimated 120%. The E.U. Limit is set at 60%. In other words the indebtedness of the Country of Italy is now exactly twice the size as the limit set in Maastricht.

Italy's politicians say: There's nothing to worry about. We have everything under control...
Italy's Economists say: There is everything to worry about, the country's economy is out of control.

The Rating Agency Moody's has announced that it will consider the need of a second assistance payment package for Greece to be the equivalent of  a failure on the part of Greece to meet its payment obligations.
A completely sensible decision: If you are in financial trouble and you must obtain a loan from the bank, and then you cannot make even the first interest payment on this loan, and borrow more money to finance an even bigger debt, then I would consider your "Credit Worthyness" to have hit rock-bottom.

In light of all this it is interesting to note the attitude of some of the politicians of the European Union:
(See my comments of yesterday) Today's Standard reports as follows:
EU Internal Market Commissioner Michel Barnier demands a "disempowering" of the U.S. Rating Agencies.
As written in this Blog yesterday, "Justizkommissarin" Viviane Reding demands a "destruction" of these rating Agencies. In any event, they must be prohibited from rating the credit worthiness of any country which has obtained a loan from the EU and other sources. Which is, as they call it here, "under the EU umbrella."

What do those calls for the "smashing" (Zerschlagung) and/or for the gagging of private firms, who, as I read it, are guilty of nothing but the reporting on and rating of  the Financial Strength of large companies and countries remind you of?

Well, don't be shy... say it.. call a spade a spade... It sounds to me like the dictatorship which Europe survived not so long ago.

Greetings from Austria
Bertstravels.