MercoPress. South Atlantic News Agency
EC criticizes US risk rating agencies handling of the Euro-zone crisis
A top official from the European Commission was particularly critical of the credit risk rating agencies in their handling of the Euro crisis and Germany brushed aside the latest rating agencies announcement saying the country is in a very sound economic and financial situation. Read full article
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Disclaimer & comment rulesThese are the agencies Cameron is running scared of to keep his “AAA” status and people on here ridicule Cristina for not being afraid of; looks like Europe is slowly waking up to what they're really about
Jul 26th, 2012 - 09:43 am - Link - Report abuse 0@1 Oh, stop being a big girl's blouse. You have no vested interest in anything Argentine and CFKC does not know you exist, nor will she ever, so why take it so personally? She is a politician and should be held accountable and criticised for her disasterous policies. That is what happens in free societies.
Jul 26th, 2012 - 02:06 pm - Link - Report abuse 0It is no coincidence that when the Euro was talked of as an alternative to the US dollar that the systematic undermining of the currency started from the US and the ratings agencies. It has been a non-stop onslaught that has worsened the situation in the Eurozone, (though they were heading for a wake-up call anyway). It should have been predicted when the Eurozone countries tried to take on the only world superpower. The US were never going to roll over regarding the dollar and it is a cautionary tale to any other countries that think the yankie dog is dead. Not yet, and not for a long time.
These are the agencies Cameron is running scared of to keep his “AAA”
Jul 26th, 2012 - 06:13 pm - Link - Report abuse 0True, bribe Camoron and he will do what is told, pure to keep that bogus “AAA” rating. Chumps are falling for it.
Honestly, I think the UK will lose the AAA in the next 6 months. But it will probably be the last to do so in Europe. At that point I suspect Europe will set up their own credit agencies on the basis that US agencies will only rate the US highly. (If you can follow that).
Jul 26th, 2012 - 06:24 pm - Link - Report abuse 0In short, the credit agencies have undermined their own credibility. Ultimately, is all depends on where investors want to put their money. Currently the UK is seen as a safe haven in a world financial storm. We shall see if that confidence is justified in time.
#2 Good to see you call Argentina a free society, though I reserve my right to support its President when she's right and being attacked for being right, surely thats all part of democracy too?! And why are you so sure she'll never hear of me =)
Jul 27th, 2012 - 12:09 am - Link - Report abuse 0@ 4 ElaineB
Jul 27th, 2012 - 01:42 pm - Link - Report abuse 0these same rating agencies rated toxic packets of US subprime loans to be sold to (stupidly greedy) European banks as AAA, thus seems to serve US economic policy only.
@6 Absolutely. That is why, when the dollar was being threatened, they were used as attack dogs to undermine the Euro. I am not saying the Euro crisis wasn't waiting to happen - Germany and France were far too keen on expanding their economic empire and bent the rules - but the strategic timing of rating announcements ensured the Euro's demise as a threat.
Jul 27th, 2012 - 06:01 pm - Link - Report abuse 0They were also the same agencies that rated highly the sub-pime mortgage market in the US. One wonders how they are still trading or why anyone listens to them.
@5 If CFKC ever heard of you she would be getting a restraining order. You sound seriously creepy when you write about her.
#7 Nice to see you criticise the agencies at last. Don't know how defending Cristina from the hate speach of the likes of you is “creepy” though; which one of us do you think she'd rather meet if she's ever read this blog?!
Jul 28th, 2012 - 07:56 am - Link - Report abuse 0@ 8 British_Kirchnerist
Jul 29th, 2012 - 02:30 am - Link - Report abuse 0“which one of us do you think she'd rather meet if she's ever read this blog?”
Judged by her cabinet it would be one of the 'Yes'-men and certainly not anyone who tells an unpleasant truth about the state of Argentine economy.
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