Quote Originally Posted by Brenus View Post
"there is no such thing as eu governments ignoring the ratings agencies if they want/need to borrow"

They can change the status of the European Bank and make it equivalent to the Fed US Bank. It is a political decision.
if the ECB starts issuing eurobonds in order to buy up sovereign debt then it has just created a debt union which would in large part have to be paid for by german taxpayers.

given that the legality of the bailouts is going before the german constitutional courts right now, who are likely to rule that any further such action must be approved by the bundestag, how likely is it that german politicians will vote themselves out of office en-masse by backing a Merkel inspired debt-union?

http://www.spiegel.de/international/...772969,00.html