The deterioration of  credit ratings for most countries in Europe was deemed to have been expected by German Chancellor Angela Merkel, who once again did not miss the opportunity to express her recommendations on budgetary discipline and strict application of the Stability Pact rules. In this way, Angela Merkel confirmed that the degradation of a total of nine European Countries, (France, Austria, Italy, Spain, Portugal, Cyprus, Malta, Slovenia and Slovakia), by Standard & Poor’s, was a logical consequence of all aspects presented by the evolution of the debt crisis. However, she rejected the claims that the downgrades would affect the functioning and capacity of the EFSF.