Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-06-08-Speech-3-303-000"
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"en.20110608.20.3-303-000"2
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"Credit rating agencies are supposed to provide information about the quality of credit. Hitherto, however, these agencies have earned themselves a dishonourable reputation. Thus, for example, their delayed reaction to the financial crisis of the 1930s was roundly criticised. The experts in the credit rating agencies even failed to spot the rotten financial structures in the US property market as a risk. Likewise, when state debts began to rise, they only reacted when investors started to express their worries, responding with such harshness that the financial problems of individual countries were exacerbated. There is something terribly wrong with the system as a whole if the Greek irregularities and the Goldman-Sachs swap to conceal debt were known in the market for many years, if it was common for Athens to revise its budget data as soon as a new government came to power and the state was still given a good credit rating, only provoking a sudden, sharp response when the financial and economic crisis happened, causing bankruptcies, penalising states whose banks backed precarious loans, while, at the same time, betting a lot of money on countries going bankrupt. This proposal can only be the first step in the right direction, which is why I have voted in favour of it."@en1
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