EC President Barroso:Anti-European bias by rating firms

The Moody’s action sparked sharp criticism of ratings firms by the European Union, with European Commission President Jose Manuel Barroso warning that the Portugal downgrade suggested an anti-European bias by rating firms.

“It seems strange there is not a single rating agency coming from Europe,” Barroso, a former Portuguese prime minister, told reporters in Strasbourg, France, according to Reuters. “It shows there may be some bias in markets when it comes to the evaluation of specific issues in Europe.”

Barroso said European legislators would examine issues of “civil liability” for incorrect judgments by agencies on the creditworthiness of European nations, the report said.

In Brussels, a European Commission spokesman criticized Moody’s downgrade decision, saying that it was based on hypothetical scenarios and that the nation’s new government should be given time to implement its fiscal program, Dow Jones Newswires reported.

http://www.marketwatch.com/story/po...ion-fears-2011-07-06?link=MW_home_latest_news

 

The ratings agencies are useless. See 2008. That being said, it is a well known fact that Portugal is in trouble and has been for some time.

 

Sounds like a lot of whining.