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Europe Walks Line on Ratings Firms
Keywords:
The European Commission is making efforts to reduce the influence of the ratings of credit ratings agencies. ECB president Mario Draghi says- "We should'nt make too much of these ratings changes by the ratings agencies." With the poor performance of the ratings agencies in putting warning flags on the credit boom in Greece- leaving it to the IMF's Dutch official Bob Traa to sound the warning in mid-2009- there is considerable concern about the reliability of ratings in correctly evaluating risk.
Credit Ratings firms and the U.S. and Eurozone financial crisis of 2010-2012
12/08/2009
Criticism of credit ratings firms. European commissioner Barnier calls for banning credit raings on countries receiving financial aid after Moody's strongly downgraded Protugal's debt ratingin July 2011. The problems of credit ratings being very pro-cyclical and the need to reduce the role of ratings in the market and regulatory framework in Europe.
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Debt Raters Avoid Overhaul After Crisis
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Failure to reform the credit ratings system in the aftermath of the massive 2008 crisis.
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Rating Firms Steer Clear of an Overhaul
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Five Years On, Confidence Still Lacking in Conflicted Ratings System
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S&P to Pay $1.5 Billion to Resolve Crisis-Era Litigation
Wall Street Journal 02/04/2015
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
Debt Raters Avoid Overhaul After Crisis
New York Times 12/08/2009
A Crisis Is a Terrible Thing to Waste
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Wall Street Journal study of the performance of credit ratings firms for sovereign defaults since 1975
08/12/2011
A review of the performance of the sovereign ratings units of S&P, Moody's Investors Service and Fitch Ratings, shows the ratings firms did poorly in predicting defaults in the 12 months preceding the actual default. The ratings take into account static indicators such as current account balances but pay less attention to political changes and bank deposit flows. Investment managers turn to changes in bond yields for government debt as a better indicator of default conditions.
Grouped Articles
Rating Firms Steer Clear of an Overhaul
Wall Street Journal 05/12/2013
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
What Crisis? Big Ratings Firms Stronger Than Ever
Wall Street Journal 03/10/2016
Raters Fail to See Defaults Coming
Wall Street Journal 08/12/2011
New S&P Chief Knows Crisis and Change
New York Times 08/24/2011
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
The IMF and the year to year growth of a country's outstanding Credit to GDP Ratio as a Warning Light Indicator for Country Economies
04/14/2010
The outstanding credit of a country to its GDP ratio and its year to year growth is a warning light indicator is used by the IMF. If the year to year growth in this ratio is over 5 percentage points for a country in a particular year it indicates a warning light. Using this indicator Brazil, China, Turkey are in anticipatory crisis conditions. Use of this indicator would have predicted the crisis in the U.S. in 2008, and the crisis in Ireland, Portugal and Greece, ahead of time so that action could be taken.
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Asia Goes on a Debt Binge as Much of World Sobers Up
Wall Street Journal 05/24/2013
No Ticker Tape Parade for Brazil's Currency Heroes
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Financial Fears Gain Credence as Unrest Shakes Turkey
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China's 'Shadow Banks' Fan Debt-Bubble Fears
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China's Silver Linings Playbook
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Government debt, credit ratings and borrowing costs for France- 2012-2014
01/13/2012
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
S.&P. Downgrade Deals Blow to French Government
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Social-Security Woes Vex France's Hollande
Wall Street Journal 11/11/2013
New York Times 11/10/2013
Japan's Stimulus Generates Ripples
Wall Street Journal 04/09/2013
Overheard: France Could Be in Bond-Market Hot Seat
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Spain- debt, credit ratings, and borrowing costs 2011-2014
01/04/2011
Bond yields for Spanish government bonds in 2011-2014.
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Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
A Warning Light to Alert the I.M.F.
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Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
New Spanish Budget Free of Austerity Measures
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Netherlands Loses Triple-A Rating, Spain Outlook Raised
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Bonds of Italy, Spain Narrow Gap With U.S., German Yields
Wall Street Journal 04/09/2014
Failure of the ratings agencies to assess country risk for Greece
03/03/2010
Grouped Articles
Wall Street Journal 03/03/2010
BusinessWeek 06/24/2010
S&P Cuts Greek Bank Ratings to Selective Default
Wall Street Journal 07/01/2015
Ratings Firms Misread Signs of Greek Woes
New York Times 11/29/2011
Europe Walks Line on Ratings Firms
Wall Street Journal 01/14/2012
S&P's efforts to reestablish the credibility of its ratings system in 2011-2013
04/14/2011
Grouped Articles
SEC Tells S&P It Could Face Enforcement Action
Wall Street Journal 07/24/2014
Regulators Struggle With Conflicts in Credit Ratings and Audits
New York Times 08/21/2014
S&P Nears Settlement on Real-Estate Bond Ratings
Wall Street Journal 12/26/2014
S.&P. Settlement Leaves Future Unclear for Ratings
New York Times 02/03/2015
At S&P, a Crusader for Tough Ratings
Wall Street Journal 10/05/2011
Why Wall Street Can't Handle the Truth
Wall Street Journal 11/05/2011
Dutchman Bob Traa's mid-2009 IMF report on Greece and the warning light on Greece
03/03/2010
Analysts point to the lack of immediate action as the main reason the crisis is spiralling out of control. The IMF report in mid 2009 raised the alarm on Greece's financial situation. One estimate is for bondholders needing to take 85% haircut on loans to Greece, instead of the 50% agreed to under the EU plan in November 2011. The situation has worsened as ECB president Trichet and others in the EU pushed austerity plans on Greece without working out needed serious debt reduction of over half the debt in 2009. The idea of a default in the eurozone was considered unthinkable, leading to errors in judgement by decisionmakers.
Grouped Articles
Greek Debt Crisis: The Back Story
New York Times 08/13/2011
A Warning Light to Alert the I.M.F.
New York Times 09/21/2011
EU Dismisses IMF's Criticism On Greek Bailout
Wall Street Journal 06/07/2013
Policy âTroikaâ for Europe Financial Woes at Odds
New York Times 06/07/2013
Wall Street Journal 03/03/2010
Past Rifts Over Greece Cloud Talks on Rescue
Wall Street Journal 10/07/2013
Raghuram Rajan
01/02/2009
Former IMF chief economist and critic of Greenspan policies.
Grouped Articles
Mr. Rajan Was Unpopular (But Prescient) at Greenspan Party
Wall Street Journal 01/02/2009
India's Central Banker Lobbies Fed
Wall Street Journal 10/13/2013
Balancing Act for Indiaâs Top Banker
New York Times 11/07/2013
Interest Rates: The Zero Percent Solution
BusinessWeek 08/25/2010
BusinessWeek 11/04/2010
After the Bailouts, Washington's the Boss
Wall Street Journal 12/29/2009
Italy- government debt, credit ratings, and borrowing costs 2010-2013
05/14/2010
Italy's borrowing costs went up to 5.7% a week after the July 22, 2011 eurozone debt deal for Greece.
Grouped Articles
Return of Long-Term Bond Buyers Seen as Crucial to Europe
New York Times 06/29/2012
Italian Vote Turns in Bonds' Favor
Wall Street Journal 04/23/2013
Italy Urged to Resist a Relapse in Spending
Wall Street Journal 05/03/2013
Wall Street Journal 05/14/2010
Europe Bonds May Offer More Value
Wall Street Journal 08/23/2013
The Key to Italy's Rating Is Kept in Canada
Wall Street Journal 11/02/2013
Positive aspects of not having a triple A credit rating for the U.S.
08/08/2011
The U.S. triple A credit rating and the dollar's role as the world's reserve currency can let deep fiscal imbalances develop without showing up in warning signals, or affecting the U.S. government's ability to borrow cheaply. With the lack of conservative financial practices in government, in Congress and at the central bank- seen in the last 2 decades -this makes it possible to go through longer periods without corrective action. This makes the crisis much worse when it finally has to be tackled.
Grouped Articles
The Curse of the Triple-A Rating Is Still Haunting the U.S.
Wall Street Journal 08/08/2011
Europe Walks Line on Ratings Firms
Wall Street Journal 01/14/2012
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