German conservative advises UK downgrade German conservative advises UK downgrade
Page 1 of 3 123 LastLast
Posts 1 to 10 of 22
  1. #1

    I live on CUK

    scooterscot is a fount of knowledge

    scooterscot's Avatar
    Join Date
    Nov 2005
    Location
    Anywhere that is not broken Brexit Britain
    Posts
    21,582

    Default German conservative advises UK downgrade

    German conservative advises UK downgrade | Reuters

    He has a point...


    KIEL, Germany | Fri Jan 13, 2012 6:38pm GMT

    (Reuters) - A senior German lawmaker Friday accused ratings agency Standard and Poor's of playing politics, saying the U.S. agency should also downgrade Britain if it downgrades France as expected.

    Michael Fuchs, deputy leader of the parliamentary group for Chancellor Angela Merkel's Christian Democrats, said S&P had a distorted view of the euro zone and that downgrades of its member states were politically motivated.

    "This step is out of order," he told Reuters on the sidelines of a party meeting, in reference to reports S&P would cut the ratings of several euro zone states later in the day.

    "Standard and Poor's must stop playing politics... why doesn't it act on the highly indebted United States or highly indebted Britain?" he said, pointing out that Britain has higher public debt and deficits than France.

    "If the agency downgrades France, it should also downgrade Britain in order to be consistent," he said, adding that this was unlikely.

    The situation was another reminder for Europe that it needs its own independent ratings agency, he added.

    (Reporting by Andreas Rinke, writing by Brian Rohan; editing by Ron Askew)
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

  2. #2

    Richer than sasguru

    DimPrawn is always on top

    DimPrawn's Avatar
    Join Date
    Jul 2005
    Location
    Covid City
    Posts
    36,147

    Default

    We can easily pay off our debts, infact we could pay off all the World's debts a million times over.

    Ask Merv about his new printer.
    SARS-CoV-2 - Finally something from China that still works as designed.

  3. #3

    More fingers than teeth

    TimberWolf is too good to be a permie

    TimberWolf's Avatar
    Join Date
    Oct 2007
    Posts
    17,505

    Default

    Remember the golden rule: he who owns the gold makes the rules.

    Or in this case banks, and the ability to print pretend gold and make pretend rules.

  4. #4

    My post count is Majestic

    MarillionFan is a fount of knowledge

    MarillionFan's Avatar
    Join Date
    Jul 2005
    Location
    .
    Posts
    35,973

    Default

    Quote Originally Posted by DimPrawn View Post
    We can easily pay off our debts, infact we could pay off all the World's debts a million times over.

    Ask Merv about his new printer.
    Got myself one as well. Just can't seem to change it from US to UK though.

    What happens in General, stays in General.
    You know what they say about assumptions!

  5. #5

    More fingers than teeth

    OwlHoot - scorchio!

    OwlHoot's Avatar
    Join Date
    Jul 2005
    Posts
    14,688

    Default


    The situation was another reminder for Europe that it needs its own independent ratings agency, he added.
    Work in the public sector? Read the IR35 FAQ here

  6. #6

    Better than AtW

    sasguru - scorchio!


    Join Date
    Jul 2005
    Posts
    36,631

    Default

    He's not as stupid as most Germans. At least he's beginning to understand the Anglo-Saxon plot to destroy the Euro.
    Mind you the Anglo-Saxons have always bested the Teutons - see the US, Canada, Australia, NZ.
    Not one of their leaders has a German name
    Hard Brexit now!
    #prayfornodeal

  7. #7

    My post count is Majestic

    AtW is always on top

    AtW's Avatar
    Join Date
    Jul 2005
    Posts
    55,054

    Default

    Make it illegal to insure tulip like risks of default (don't lend at all if you think it can happen and if you do take full risk of loss) and also any rating activity - whoever chooses to take risks should do their own research.

  8. #8

    I live on CUK

    scooterscot is a fount of knowledge

    scooterscot's Avatar
    Join Date
    Nov 2005
    Location
    Anywhere that is not broken Brexit Britain
    Posts
    21,582

    Default

    Quote Originally Posted by TimberWolf View Post
    Remember the golden rule: he who owns the gold makes the rules.
    Italy has more han double England's gold reserves.

    There be a gold mine in Scotland, don't know about those in England though...
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

  9. #9

    Fingers like lightning

    KimberleyChris has no reputation

    KimberleyChris's Avatar
    Join Date
    Jul 2011
    Location
    Cumbria
    Posts
    630

    Default

    "The situation was another reminder for Europe that it needs its own independent ratings agency, he added."

    Would anybody listen to a European Ratings Agency if it rated its own credit-worthiness??

    Surely that's what triggered this whole damned mess in the first place...Americans self-certifying their own credit-worthiness to their two big mortgage lenders without evidence?

  10. #10

    I live on CUK

    scooterscot is a fount of knowledge

    scooterscot's Avatar
    Join Date
    Nov 2005
    Location
    Anywhere that is not broken Brexit Britain
    Posts
    21,582

    Default

    Quote Originally Posted by KimberleyChris View Post
    "The situation was another reminder for Europe that it needs its own independent ratings agency, he added."

    Would anybody listen to a European Ratings Agency if it rated its own credit-worthiness??

    For the same reason markets listen to US agencies, they've no mind of they're own.
    "Never argue with stupid people, they will drag you down to their level and beat you with experience". Mark Twain

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •