bill cobbett wrote:yialousa1971 wrote:Jerry wrote:Maxx wrote:bill cobbett wrote:Is anyone actually running Greece at the mo ??? ... other than the Germans.
Their only salvation is to declare ENOSIS with Nicosia.
Not sure they will want to do that now, it looks like Greece may be pulling Cyprus down with it.
Moody's downgrades Cyprus's debt rating
Moody's downgraded the sovereign credit rating of Cyprus by two notches on Friday saying that the country's banking system will require state support given its exposure to Greek government debt and retail loans.
http://www.ft.com/cms/s/dcaad2d4-071e-1 ... abdc0.html
What a silly post! It's Moody's that played a part in Greeces problems.
Well Moody's "down-grading" is also very silly cos as understand things given that huge mega loan at a very nice 4.5% from Russia of a few weeks ago, CY doesn't need to go to the capital markets, so what's the point of a a credit rating for a country which has already sorted out a loan, one that meets CY needs for the next couple of years?
MOODY'S ANALYST BREAKS SILENCE: Says Ratings Agency Rotten To Core With Conflicts
"A former senior analyst at Moody's has gone public with his story of how one of the country's most important rating agencies is corrupted to the core.
Read more: http://www.businessinsider.com/moodys-a ... z1crd1DPRt
S&P, Moody's Inflated MBS Ratings: Report
NEW YORK (TheStreet) -- Moody's Investors Service(MCO_) and Standard & Poor's manipulated the credit ratings of mortgage-backed securities because of bank industry pressure until they eventually downgraded the structures, prompting the 20008 financial crisis, according to a congressional report issued Thursday.
A report by the Senate Permanent Subcommittee on Investigations says UBS(UBS_), Lehman Brothers Holdings, Citigroup(C_), Bear Stearns, Morgan Stanley(MS_), Goldman Sachs(GS_), JPMorgan Chase(JPM_) and Nomura Holdings all asked the rating agencies to loosen standards, even though S&P and Moody's knew of the risky nature of the bonds.
"Credit rating agencies were paid by the Wall Street firms that sought their ratings and profited from the financial products being rated... the ratings firms were dependent upon those Wall Street firms to bring them business and were vulnerable to threats that the firms would take their business elsewhere if they did not get the ratings they wanted," the report said. "The ratings agencies weakened their standards as each competed to provide the most favorable ratings to win business and market share."
http://www.thestreet.com/story/11082535 ... eport.html
