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Old Dec 15th, 2011, 09:15 AM   #1
ASusilovic
 
 
Join Date: May 2007
Location: Cayman Islands
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The governor of France’s central bank has launched a strong attack on credit rating agencies, calling them “incomprehensible and irrational” as Paris braces for a potential downgrade of the country’s triple A status.

Christian Noyer, head of the Bank of France, said a French downgrade would not be justified – adding that the agencies should begin by downgrading the triple A rating of Britain, which “has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking.

“The agencies have, frankly, become incomprehensible and irrational. They launch threats, even though (eurozone) states have taken strong and positive decisions ... a downgrade does not seem to me justified based on economic fundamentals,” Mr Noyer said in a newspaper interview.


http://www.ft.com/intl/cms/s/0/40746...#axzz1gF4lM0HZ
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Old Dec 15th, 2011, 10:43 AM   #2
Butterball
 
 
Join Date: Dec 2006
Location: Medellin, Columbia
Posts: 519
Quote:
Quote from ASusilovic:

Britain, which “has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking.
He conveniently left out the fact that the Brits can print their currency in abundance. A discretionary freedom the French (alongside the PIGS) do not possess.
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Old Dec 15th, 2011, 10:53 AM   #3
optionnew
 
 
Join Date: Aug 2011
Posts: 73
Quote:
Quote from ASusilovic:

The governor of France’s central bank has launched a strong attack on credit rating agencies, calling them “incomprehensible and irrational” as Paris braces for a potential downgrade of the country’s triple A status.

Christian Noyer, head of the Bank of France, said a French downgrade would not be justified – adding that the agencies should begin by downgrading the triple A rating of Britain, which “has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking.

“The agencies have, frankly, become incomprehensible and irrational. They launch threats, even though (eurozone) states have taken strong and positive decisions ... a downgrade does not seem to me justified based on economic fundamentals,” Mr Noyer said in a newspaper interview.


http://www.ft.com/intl/cms/s/0/40746...#axzz1gF4lM0HZ
He forgot to mention the most important point, UK is not in the euro, a currency that has 17 leaders that are having ,18 summits- 5 final grand plans, to addres the crisis & still a lot more to come..
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Old Dec 15th, 2011, 10:53 AM   #4
optionnew
 
 
Join Date: Aug 2011
Posts: 73
Quote:
Quote from ASusilovic:

The governor of France’s central bank has launched a strong attack on credit rating agencies, calling them “incomprehensible and irrational” as Paris braces for a potential downgrade of the country’s triple A status.

Christian Noyer, head of the Bank of France, said a French downgrade would not be justified – adding that the agencies should begin by downgrading the triple A rating of Britain, which “has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking.

“The agencies have, frankly, become incomprehensible and irrational. They launch threats, even though (eurozone) states have taken strong and positive decisions ... a downgrade does not seem to me justified based on economic fundamentals,” Mr Noyer said in a newspaper interview.


http://www.ft.com/intl/cms/s/0/40746...#axzz1gF4lM0HZ
He forgot to mention the most important point, UK is not in the euro, a currency that has 17 leaders that are having ,18 summits- 5 final grand plans, to addres the crisis & still a lot more to come..
    Quote
Old Dec 15th, 2011, 11:13 AM   #5
bwolinsky
 
 
Join Date: Jul 2008
Location: KCMO, Kansas and Kentucky
Posts: 4,975
Quote:
Quote from ASusilovic:

The governor of France’s central bank has launched a strong attack on credit rating agencies, calling them “incomprehensible and irrational” as Paris braces for a potential downgrade of the country’s triple A status.

Christian Noyer, head of the Bank of France, said a French downgrade would not be justified – adding that the agencies should begin by downgrading the triple A rating of Britain, which “has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking.

“The agencies have, frankly, become incomprehensible and irrational. They launch threats, even though (eurozone) states have taken strong and positive decisions ... a downgrade does not seem to me justified based on economic fundamentals,” Mr Noyer said in a newspaper interview.


http://www.ft.com/intl/cms/s/0/40746...#axzz1gF4lM0HZ
Debt to GDP ratios in the UK are nowhere near the Eurozone as a whole. Noyer's crying wolf when S&P has been the sheep for a long time when it comes to Sovereign debt.
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Old Dec 15th, 2011, 11:22 AM   #6
Martinghoul
 
 
Join Date: Jan 2009
Location: London
Posts: 6,310
Quote:
Quote from bwolinsky:
Debt to GDP ratios in the UK are nowhere near the Eurozone as a whole. Noyer's crying wolf when S&P has been the sheep for a long time when it comes to Sovereign debt.
Erm, not that I don't think Noyer is a total prick for calling for a downgrade of the UK. However, I have to ask you, bwol, unless you can offer accurate info, pls do refrain from opining on these subjects.
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