Democracy Gone Astray

Democracy, being a human construct, needs to be thought of as directionality rather than an object. As such, to understand it requires not so much a description of existing structures and/or other related phenomena but a declaration of intentionality.
This blog aims at creating labeled lists of published infringements of such intentionality, of points in time where democracy strays from its intended directionality. In addition to outright infringements, this blog also collects important contemporary information and/or discussions that impact our socio-political landscape.

All the posts here were published in the electronic media – main-stream as well as fringe, and maintain links to the original texts.

[NOTE: Due to changes I haven't caught on time in the blogging software, all of the 'Original Article' links were nullified between September 11, 2012 and December 11, 2012. My apologies.]

Wednesday, June 06, 2012

German Bank Downgrade: Moody's Cites Eurozone Risks In Cutting 7 Banks' Ratings

BERLIN - Moody's rating agency has downgraded seven banks in Germany, citing risks from the eurozone debt crisis and prospects of weaker global economic growth.

The most prominent bank downgraded late Tuesday night was Commerzbank AG, Germany's second-biggest. Its long-term rating was cut to A3, with a negative outlook, from A2.

Also hit were DekaBank and DZ Bank, as well as three of Germany's public-sector regional banks — Landesbank Baden-Wuerttemberg, Norddeutsche Landesbank and Landesbank Hessen-Thueringen.

The German unit of Italy's UniCredit was downgraded to A3, with a negative outlook, from A2.

Moody's said its move was driven in part by "the increased risk of further shocks emanating from the euro area debt crisis in combination with the banks' limited loss-absorption capacity."

Original Article
Source: huffington post
Author:   CP
Topics: , , ,

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