http://usa.chinadaily.com.cn/opinion/2013-03/02/content_16268738.htm Following the United States and France, Britain became the third major developed economy to have its sovereign credit rating downgraded by Moody's. The other credit rating agencies are expected to follow suit. Other than a blow to the nation's ego, the downgrade seems more symbolic than anything else. Despite being knocked down a notch from the top AAA rating, the US has hardly had any problem borrowing funds below real interest rates and there is no shortage of eager takers of its long-term government fixed interest securities. Nobody seriously expects Britain's borrowing cost to go up significantly after the downgrade. British Chancellor George Osborne has remained defiant, vowing to "redouble" the government resolve to deliver its austerity economic plan, which calls for, among other things, cutting the deficit by a quarter. But many British politicians, mainly those in the opposition, and economists believe that the downgrade was triggered by the government's austerity program, which is said to have further stunted growth at a time when the economic environment is clouded by what Moody's described as "the high risk of further shocks, economic, financial, or political within the (eurozone)". Osborne has said that Moody's move supported the government's tough austerity measures and was "a reality check for anyone who thinks Britain can duck confronting its debts". It seems tha...
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