Ratings agencies AGAIN messing up

Discussion in 'Soap Box' started by jota1, May 8, 2011.

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  1. jota1

    jota1 Well-Known Member

    Its getting a pretty hot since the rating agencies downgraded Portuguese sovereign debt but do these guys, and should they, have any credibility. Its the businesses that pay them to rate them so how can the ratings be honest and have any significance. Lets not forget the AAA rating of worthless rubbish given by them prior to 2008

    Most of this stuff is speculation on european/US sovereign debt euro/dollar and the more instability the more the speculators/Wall Street gain.

    The Finns nationalist party does not want to approve the loan to Portugal however they were saved from disaster by europe/europeans after the second world war and a second time after the fall of the iron curtain.
    This loan is less to do about Portugal than to Europe in general, Portugal is seen as a backstop from contagion to other countries.

    What do you think about the IMF/EFSF loan to Portugal?
     
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