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ASusilovic
Registered: May 2007
Posts: 9768 |
12-15-11 02:15 PM
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/0/4074...l#axzz1gF4lM0HZ
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Butterball
Registered: Dec 2006
Posts: 458 |
12-15-11 03:43 PM
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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optionnew
Registered: Aug 2011
Posts: 73 |
12-15-11 03:53 PM
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/0/4074...l#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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optionnew
Registered: Aug 2011
Posts: 73 |
12-15-11 03:53 PM
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/0/4074...l#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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bwolinsky
Registered: Jul 2008
Posts: 4559 |
12-15-11 04:13 PM
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/0/4074...l#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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Martinghoul
Registered: Jan 2009
Posts: 5641 |
12-15-11 04:22 PM
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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