The U.S. rating agency Standard and Poor’s has become a something of a joke in Austria. What? They downgraded us? While still awarding a AAA to the United Kingdom?
Since the London riots, every Austrian knows that unemployment in the U.K. is high – in fact 8.6%, whereas here it still hovers around 4%, the lowest in the EU. Our public debt, while too high at 70% of GDP, is far below the eurozone average of 86% and far below the U.K. at 148%, both figures counting financial interventions. All in all, it’s just not funny!