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Corriere della Sera - Italy | Wednesday, July 6, 2011

Debt-stricken states to blame for crisis

The US rating agency Moody's has downgraded Portugal's long-term government bond ratings by four notches from Baa1 to Ba2. The EU should stop accusing thrifty countries like Germany of lacking willingness to help, writes the liberal conservative daily Corriere della Sera: "They can't expect Germany alone to shoulder the problems of all the other countries without at the same time taking advantage of the Monetary Union. The notion that Berlin is the main culprit for the escalation of the Greek crisis is a fairytale. If it wasn't for the danger that other countries like Portugal, Spain, Ireland and Italy could be infected, Athens' debts would have been rejected without further ado. But the real problem is precisely this danger of other countries being infected by Greece. So it's really the countries at risk that are mainly to blame. The downgrading of Portugal's credit rating by Moody's demonstrates this."

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