Wednesday, 6 July 2011

EU Criticises The Messenger

Apparently the Euro crisis is all the ratings agencies' fault:
European politicians accused credit rating agencies on Wednesday of anti-European bias after Moody's downgrade of Portugal's debt to "junk" cast new doubt on EU efforts to rescue distressed euro zone states without debt restructuring.

European Commission President Jose Manuel Barroso said the decision to cut Lisbon's rating by four notches so soon after it became the third country to receive an EU/IMF bailout was fuelling speculation in financial markets.
Greece is bust, Portugal will need a second bailout (it's only just received the first one) and Ireland is likely to need a second bailout also but no, apparently these ratings agencies are acting all a bit strange and with 'anti-European conspiracy' intentions:
"It seems strange that there is not a single rating agency coming from Europe. It shows there may be some bias in the markets when it comes to the evaluation of the specific issues of Europe," Barroso told reporters in the European Parliament.
Clearly the EU wants its own ratings agency so that it could try to circumnavigate the markets like it does with its own treaties - then everything in the EU garden would be rosy.


  1. These harpies will stop at nothing to make sure their lifestyles are maintained by the sovereign tax payers of Europe.

    They will learn the hard way that you cannot oppress people for long before they retaliate.


  2. I couldn't agree more with your comment, David.

  3. Shoot the messenger, bolt down the safety valve, what could possibly go wrong?

    Though I believe he wasn't even correct on his own terms since one of the agencies is actually French.

  4. @Weekend Yachtsman, you're absolutely right - the truth seems to find a weird sort of existence when it comes to the EU