Reducing the credit rating of Portugal was too much patience European politicians who criticized the rating agencies. Some urged to limit their "oligopoly" and others - to change the system to work.
Sharp criticism of EU representatives was followed the next day after the agency Moody `s sovereign rating lowered Portugal once in four stages, moving from the country's commitment to investing the speculative category, or the category of" junk "bonds. After downgrading Portugal investors worried about the financial prospects of other eurozone countries - July 6, has increased dramatically the yield on government bonds, Ireland, Italy and Spain. Amid growing concerns of market participants German Finance Minister Wolfgang Schäuble at a press conference in Berlin, said he was unclear on what the decision is based agency. Moreover, the German minister called for "the destruction of the oligopoly of rating agencies" and "limit" the influence of conflicting decisions. The representative of the management of the European Commission Economic and Monetary Affairs Amadeu Tardy said that the decision of Moody `s is" doubtful. " "This regrettable episode draws attention to the behavior of rating agencies, their decisions and insight," - said the EU representative.
European Commissioner for Internal Market, Michel Barnier called for a change of agencies. He considers "doubtful that the rating agencies consider in their assessments of countries' efforts to improve its tax system, budgetary restriction and structural reforms." Mr Barnier believes that "it is necessary to ask whether a reasonable ratings given to countries that enjoy international support." The head of the Directorate for Internal Market recalled that recently the rating agencies have made mistakes. "I've said this before - they made big mistakes in the recent past, following the market rather than to diagnose his condition," - says Michel Barnier. As you know, after the acute financial crisis, rating agencies have been criticized by many politicians and financiers for not having lowered the ratings on U.S. mortgage bonds, as the crisis in the mortgage market has already begun. Rating agencies said they have already made changes in their job and did everything to avoid future conflicts of interest. Take appropriate measures and financial regulators.
Sharp criticism of EU representatives was followed the next day after the agency Moody `s sovereign rating lowered Portugal once in four stages, moving from the country's commitment to investing the speculative category, or the category of" junk "bonds. After downgrading Portugal investors worried about the financial prospects of other eurozone countries - July 6, has increased dramatically the yield on government bonds, Ireland, Italy and Spain. Amid growing concerns of market participants German Finance Minister Wolfgang Schäuble at a press conference in Berlin, said he was unclear on what the decision is based agency. Moreover, the German minister called for "the destruction of the oligopoly of rating agencies" and "limit" the influence of conflicting decisions. The representative of the management of the European Commission Economic and Monetary Affairs Amadeu Tardy said that the decision of Moody `s is" doubtful. " "This regrettable episode draws attention to the behavior of rating agencies, their decisions and insight," - said the EU representative.
European Commissioner for Internal Market, Michel Barnier called for a change of agencies. He considers "doubtful that the rating agencies consider in their assessments of countries' efforts to improve its tax system, budgetary restriction and structural reforms." Mr Barnier believes that "it is necessary to ask whether a reasonable ratings given to countries that enjoy international support." The head of the Directorate for Internal Market recalled that recently the rating agencies have made mistakes. "I've said this before - they made big mistakes in the recent past, following the market rather than to diagnose his condition," - says Michel Barnier. As you know, after the acute financial crisis, rating agencies have been criticized by many politicians and financiers for not having lowered the ratings on U.S. mortgage bonds, as the crisis in the mortgage market has already begun. Rating agencies said they have already made changes in their job and did everything to avoid future conflicts of interest. Take appropriate measures and financial regulators.
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