Skip to comments.EU commission: 'We know better than ratings agencies'
Posted on 01/16/2012 11:09:51 AM PST by Olog-hai
The European Commission has claimed it has secret information about the positive state of EU countries' finances, following a shock downgrade of core member states.
Commission spokesman Olivier Bailly made the statement at a regular press briefing in Brussels on Monday (16 January), two days after US-based agency Standard & Poor's (S&P) downgraded nine EU countries, including France.
"We have more information than the ratings agencies and we think there are elements missing in their analysis ... We have monthly updates from member states. We share this information on a confidential basis. The ratings agencies do not have this information," he said.
When challenged on why Brussels does not make the good news public, he answered it would take too much time.
One of S&P's main reasons for the downgrade is that EU austerity plans risk becoming "self-defeating" by stopping consumers from spending and preventing economic recovery.
(Excerpt) Read more at euobserver.com ...
Because the EU knows that the ECB will start printing $$$ like crazy, just like our Fed.
Don’t you know, Greenspan and Krugman say that debt doesn’t matter because we can print dollars to pay bondholders.
They truly think we are idiots, or that at least enough of us are.
Geithner rejects GOP warnings of Greek-like debt crisis in U.S.
The Greek debt crisis is “not going to happen” in the U.S., Treasury Secretary Tim Geithner said .
Geithner rejected comparisons, advanced in large part by Republicans in Congress, between the fiscal situation in the U.S. and the debt crisis in Greece that has roiled the European Union, sent Greece to the brink of default and weakened the euro.
“It’s not going to happen in the United States,” Geithner said during an appearance on CNBC.
If anything the Commission knows about MORE FILTHY, DIRTY accounting than S&P.
This was a political statement to support political leaders in Europe who are feeling some very hot heat from their populations. It's also designed to slow the bank run now in progress in the Eurozone.
Who you gonna trust? Us, or your lying eye’s?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.