Today's Coming Crisis Movie

Friday, April 22, 2011

Greek PM: Ratings agencies running our lives

Greece's prime minister has lashed out at credit ratings agencies, as borrowing rates in the crisis-hit country at record levels threaten plans to return to the bond markets next year.

George Papandreou in a written statement posted on a government website early Friday said the agencies, instead of elected governments, "are seeking to shape our destiny and determine the future of our children."

Major rating agencies have all relegated Greek bond status to below investment grade amid the continuing debt crisis. The move has angered the government which argues the fiscal benefits of its austerity program are being ignored.

Yields on 10-year Greek bonds rose above 15 percent, compared with the German benchmark rate of 3.27 percent, before the Easter long weekend. (Source)