Tag Archives: SEC

Rating the rating agencies

Illustration by Manos Symeonakis

“If we really want to rub their faces in it, then the only way is to increase revenues and for every Greek to pay the taxes they are supposed to. If that happens, then we won’t need Moody’s or anybody else.” In his own inimitable style, Deputy Prime Minister Theodoros Pangalos’s blew open in Parliament on Friday an issue of public debate while displaying all the subtlety of a bulldozer trying to open a safe.

Although he was more forthright than others, the veteran PASOK politician was expressing an opinion that reflected the mood of many voters and MPs. His comments came just a few days after Moody’s, one of the three credit rating agencies that have been observing the Greek economy with the intensity a menacing stalker, downgraded Greece’s debt — already at junk status — by three notches, to B1 from Ba1 and suggested Athens would not be able to repay its debt without some form of restructuring. Moody’s also downgraded six Greek banks in the same week.

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