EU attacks Ireland debt downgrade as 'incomprehensible'

EU attacks Ireland debt downgrade as 'incomprehensible'

www.abs-cbnnews.com

BRUSSELS - The European Commission on Wednesday criticized a decision by Moody's Investors Service to downgrade Ireland's debt to junk status as "incomprehensible" and its timing "questionable."

"Yesterday's decision by Moody's to downgrade Ireland's credit rating is incomprehensible," European Commission spokeswoman Pia Ahrenkilde Hansen told a news briefing.

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The dirty economic warfare continues. It's like water boarding, everytime the EU can breathe a little, Moody's or any other US credit rating agency comes in to put its head underwater again.

First the combined attack of the US lead attack by US Banks, hedge funds and credit rating agencies on Greece. As soon as things seemed to stabilize Moody's came in to downgrade Portugal, now Ireland and next is Italy.

the movie Inside Job about how banks engineered this crisis showed a snippet of a senate hearing of these credit rating agencies. All of them claimed that their ratings 'merely reflect opinions' as an excuse as for why they had given sub-prime mortgages triple A ratings. Meanwhile, they significantly benefited by doing so and their profits have increased rapidly during the 2000s.

Knowing they have deceived investors before in order to fill their own pockets, it cannot be ruled out they abuse their power once again. This time, they try to avert attention from the financial situation in the US. It would not surprise me if this operation is instigated by the Federal Reserve or possibly even the White House. One thing is sure, these credit rating agencies hold biased opinions and use them politically. The fact that the US has only been warned its credit rating will be downgraded, but no serious action has happened while their financial chaos is no better than that of PIIGS countries confirms that.

Merkel has suggested before that the EU needs its own independent credit rating agencies and I agree. Meanwhile, China's credit rating agency Dagong (which has not the influence to the extent US agencies have), are about to downgrade the US' status, rightfully.

It's interesting to see what's really going on behind the screens and I can't blame the US for doing so, they care more about the US than they do about EU and in a crisis like this, everything seems permissible, but we're talking about the lives of many ordinary people being destroyed by those greedy bastards that have brought this situation upon all of us.

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reply to post by Mdv2


Europe 100% needs its own credit rating agencies, its amazing and stupid that they do not have them already. Unless the US can come to a multi trillion dollar real budget cutting agreement its rating should be downgraded hard.

I think it just takes time and experience to gain respectability as an agency like this which is why chinas has not attained it yet, though they could be even more influenced by political factors than any in the states.

But in regards to Ireland and all the PIIGS why should they not be downgraded? They are bigger messes than the US. Main difference being that the US has harder working population (this is indisputable, I think only Korea has a harder working population than the US).