"Still, the S&P announcement has already made one difference. If, in the end, the euro zone finally does degrade into a liability union that would also overwhelm Germany financially, then no one could say that they weren't warned in time."
Business daily
Financial Times Deutschland
writes:
"S&P is now even threatening the AAA countries of the euro zone with a possible downgrade (yes, Germany too!), and the European rescue fund along with them. And what happens? Nothing, or at least not much. The markets only signalled that they know all that already. And even Europe's politicians responded with little more than an irritated shrug. Yes yes, the rating agencies, they're just one voice among many. At best, the S&P warning is further encouragement for the upcoming euro summit, they say."