The Corner

Please Don’t Rock the Boat

The mounting panic over the eurozone’s prospects was ratcheted up by yesterday’s downgrade of Greek and Portuguese sovereign debt, making these comments (reported in the London Times today) worth noting:

The European Commission today called on credit rating agencies to act responsibly after Standard & Poor’s downgraded Greece’s debt to junk status, sparking a widespread sell-off across world markets…“We of course expect that credit rating agencies like other financial players, and in particular during this difficult and sensitive period, act in a responsible and rigorous way.”

 

You don’t have to be a fan of the ratings agencies (who could be these days?) to suspect that Brussels means very different things by “responsible” and “rigorous.”

In any event, some hours later S&P downgraded Spain’s debt from AA+ to AA. So it goes.

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