Barroso takes on international credit rating agencies over Greece

European Commission President Jose Manuel Barroso told the European Parliament in Brussels on Wednesday that it's time for the European Union to act against what he considers as irresponsible behaviour by international credit rating agencies such as Fitch and Standard & Poor's over the Greek government's debt crisis. Barroso said he will see to it that the EU will make these agencies subject to supervision by European regulators.

"The crisis has once again brought the role of credit agencies to the fore," said Barroso during a plenary debate at the EU parliament in Brussels. "These agencies play a pivotal role in the functioning of financial markets, but ratings appear to be too cyclical, to rely on the general market mood rather than on fundamentals regardless whether market mood is too optimistic or too pessimistic."

"To strengthen the supervision of these actors of Europe wide dimension, the Commission believe they should be put under the direct supervision of the future European Security Market Authority and that is exactly what we will propose. We have also launch a reflection under whether furtehr measures should be needed to ensure the propoer rating of sovereign debt in particular."

"Free market consitute the basis for the functioning of succesful economies but free markets need rules and compliance and rules and compliance need to be tightened if a irresponsible behaviour puts at risk what can not and should not be put at risk."

"Regulatory authorities and democratic insitutions ultimately the tax payers stabilise the markets in financial crisis, we acted swiftly then and precisely because of that we will act swiftly act on the future so the meesage for this Friday's meeting for Eurogroup Heads of State and governments should be clear and it will be clear, We will be doing what is needed on all fronts."

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[xmrcookiesx]

THE REAL PROBLEM IS IN DOLLAR IN USA... YOU SUCK USA!

DON'T USE EUROPE OR PORTUGAL TO ESPECULATE AND OTHER COUNTRIES CHOOSE YOUR FYCKING COUNTRY TO BUSINESS

[galerapesada]

@OBAMASTINKSLIKEANAPE Simply exposed euro socialists did they? Don't worry, now that their job is done here their head is turning West...

[OBAMASTINKSLIKEANAPE]

@xaviqaz That is because there is a pretense that America can somehow earn its way out of its ledger imbalance thru the value of future manufacturing an export. Sure its fictional but again the presumption is is that the US is not in as deep of a hole as most of the EU.

[xaviqaz]

@OBAMASTINKSLIKEANAPE Those agencies that occasionally degrade european banks, forcing further austerity, while American budget deficit in last 2 years is higher than german GDP and still triple A

[badsign1980]

americans are so dumb they blam,e communis socialism and nazism all at same time witch tells me they dont know nothing about anything witch makes it easyer for the wall street boys to scoop them clean... poor guys... next the rating agencies speculate on the market they dont tell about risk, thats like prdicting whos going to win a race, but by speculating they are beting against countrys by taking investments the eu is being attacked because the dollar is junk like the pouind corrupted rat co

[konshoff]

@MarquisdeBarrabas That's what they said when I dropped out of a preschool. Talkin' bout Deja Vu.

[MarquisdeBarrabas]

@konshoff There's nothing quite as useless as an uneducated cynic.

[OBAMASTINKSLIKEANAPE]

Damm these credit angencies and the market for exposnig the corruption of euro socialists.

[konshoff]

@MarquisdeBarrabas Yes indeed, and thou shell be all equal and peace and harmony amongst thee will rule for ever and after.

[MarquisdeBarrabas]

@konshoff Better to redistribute it than to monopolise it - comrade.