Thursday, April 29, 2010

I.M.F Says We Should Not Believe Credit Rating Agencies

Agencia Estado reports that Dominique Strauss-Kahn, head of the International Monetary Fund (IMF), said that we can not believe much in the rating agencies. How convenient now that several European countries are near insolvency!

Should we believe in the I.M.F. too?

He also said he expected a conclusion "very fast" on the negotiations between the IMF and the government of Greece. The remarks were made shortly after the Standard & Poor's cut the sovereign rating of Spain.

He said it was difficult to say whether the rating agencies are reacting to the market or is the market is reacting to the agencies. "You should not really believe what they say, even if it's useful,"


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