"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"
Hmmm... what could possibly go wrong?
We shall ban all rainy days and keep to the sunny side
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