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Rough markets and a wider political uproar over pay have fuelled discontent across corporate Europe.
That means less friction in labour markets and a regulatory system that helps investment.
Cisco faces additional pressure because of evolving markets and a failure to adapt.
Inefficient government interventions created a capitalism without markets and a socialism without planning.
"A default would risk both disarray in those markets and a host of unintended consequences".
"The current environment is characterized by disrupted markets and a deteriorating, uncertain economic outlook," Moody's said.
Still, he said, "stable currency markets and a more internationally competitive tax system will be essential".
These measures are widely viewed as damaging to markets and a force for higher prices.
It expects a 24% drop in developed markets and a 32% fall in emerging ones.
Remoteness from markets and a lack of inexpensive labour supplies limit manufacturing.
But distrust of markets and a reaction against farm trade are growing.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com