top
Riley
Home » Economy

Bankers and rating agencies……

8 March 2011 No Comment

So who do we trust? The market, the Greek Government or the rating agencies?

Moody’s have downgraded Greece’s credit rating so that it now stands on a par with Fiji and Vietnam. It’s debt is now graded Ba1 – or what we would all probably call “junk”.┬áThe fact that corporate bonds based on repackaged dodgy mortgage debt was rated as AAA1 prior to the banking crisis is beside the point apparently.

The financial markets, the economy, banker-bashing and bonuses – sometimes we just have to stop and laugh!

########

Comments are closed.

 
top
left right
bottom
Riley Chartered Accountants
top
bottom
left edge
bottom left