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EU questions credit-rating agencies

Category: News-General.
Posted: Wednesday 13 Jul 2011

As Ireland's credit-rating is downgraded by a leading credit-rating agency, EU leaders have spoken out, reports today's Guardian.

The Guardian also reports that Commissioner Michel Barnier, pictured and overseeing the EU’s single market, will “announce "stiff measures" in November aimed at taming the power of the agencies”.

Claude Moraes MEP wrote last week about the role of credit-rating agencies in the ongoing Eurozone crisis, saying the timing and context of dramatic downgrades “might have a disproportionate and destructive effect on an economy which has the potential to get back to positive growth”

Claude adds, on Greece which is also under pressure, that the credit –rating agencies “have the power of economic life and death over a small Mediterranean country. This can't be entirely right and requires careful thought”.

Read Claude’s article in full here and visit the Guardian website here.

Posted by: Admin on Wednesday 13 Jul 2011

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