"In a confidential preliminary plan to reform the law on credit rating agencies, EU Internal Market Commissioner Michel Barnier seeks to prohibit rating agencies from publishing judgments about ailing EU countries.
Barnier proposes that the new Securities and Exchange ESMA is granted the right "to temporarily prohibit" the disclosure of assessments of the ability to pay.
Barnier has advised the rule take effect in November and wants to hold rating agencies civilly liable for damage caused by "poor" ratings"
Barnier proposes that the new Securities and Exchange ESMA is granted the right "to temporarily prohibit" the disclosure of assessments of the ability to pay.
Barnier has advised the rule take effect in November and wants to hold rating agencies civilly liable for damage caused by "poor" ratings"
I agree with "keeping on the sunny side of life" in general terms but I think it’s still a good idea to be realistic when it comes to assessing the probabilities of repayment of money borrowed by individuals, organizations, corporations or countries. What’s next? Are we going to start ignoring past credit histories of individuals when they apply to borrow money because we don’t want to hamper the present day growth of the economy? What the hell… what could possibly go wrong?
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