The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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To: Giordano Bruno who wrote (35874)	3/7/2011 1:54:14 PM
From: ggersh	Read Replies (1) of 71403

What you talkin about Wilson! -g- huffingtonpost.com Greece Slams Credit Rating Agencies After Downgrade LONDON — Greece launched a tirade against credit ratings agencies Monday after Moody's downgraded its debt grade further below junk status, warning the bailed-out euro country might have to default on its massive borrowings. The agency slashed its rating by three notches to B1 from Ba1 and warned it may cut again if the government's commitment to austerity wanes or international creditors become less willing to support it – Greece was saved from bankruptcy last May after accepting a euro110 billion ($154 billion) bailout from the EU and the International Monetary Fund. The Greek government's response was quick and critical. It said Moody's downgrade was "completely unjustified" and "does not reflect an objective and balanced assessment" of Greece's actual economic prospects. "Ultimately, Moody's downgrading of Greece's debt reveals more about the misaligned incentives and the lack of accountability of credit rating agencies than the genuine state or prospects of the Greek economy," the finance ministry said. It said the agencies – rivals Standard & Poor's and Fitch Ratings have also downgraded struggling countries like Greece heavily in past months – were trying to make up for failing to predict the financial crisis. "Having completely missed the build-up of risk that led to the global financial crisis in 2008, the rating agencies are now competing with each other to be the first to identify risks that will lead to the next crisis," the ministry said.

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