Moody's slashed the debt ratings of Italy, Spain and Portugal as well as Slovenia, Slovakia and Malta on Monday. France, Britain and Austria were warned that they were at increasing risk of downgrades due to the eurozone debt crisis.
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In all fairness, the agencies certainly have had their share of errors and unsavory relationships with the clients whose products they gave AAA ratings, but that was mainly their US operations.
A couple of suggestions:
1) Europe should quit whining about the agencies and start one of their own, if they feel the agencies are being unfair.
2) If you feel Italy, Spain, etc... are such sound investments, then why don't you help them keep their interest rates low and lend them your money?
How do we know?
The agencies downgrade European countries again. Are they crying wolf yet again? It will mean higher interest rates for the countries downgraded to service their debt. These agencies keep stoking the fire every time it appear to die down. Ignore them!
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