Wednesday, December 21, 2011

Soap opera time

The UK has clung on to its gold standard credit rating, we are told, but has been warned that developments in the eurozone debt crisis have the potential to trigger a downgrade. This is the credit ratings agency Moody's, which for the time being has confirmed the UK's AAA credit rating, although it said the UK faced "formidable and rising challenges".

Moody's, which recently placed the credit ratings of all eurozone countries under review, said the UK was only "somewhat cushioned" from the crisis and warned no EU country was immune. It added: "The outlook on the rating is likely to be sensitive to future developments in the euro area's debt crisis, even though the UK is not a member of the monetary union".

And The Boy thinks that avoiding an EU treaty amendment, allowing himself to be manoeuvred into legitimising an intergovernmental treaty, is actually going to safeguard the UK from anything? One wonders who it is that is really naïve about what is going on in "Europe".