Quote:
Originally Posted by SebC
Really, France? Land of the 35 hr workweek and half the country is on strike at any time?
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S&P is a joke. The explanations they gave for the downgrade seemed to be factors that are only somewhat relevant. Issues like difficulty in dealing with the political impasse. Sure its true, but not entirely relevant when it comes to meeting their obligations (they did a deal after all, and all of the bills are paid no matter what your personal feelings are toward the deal).
Then to top it off you see how many European countries are AAA and holding a lot of toxic debt on the books. How can we trust the accuracy of these ratings when (a) there seem to be some glaring mistakes present, (b) they made another $2T mistake in coming to the decision to downgrade and (c) their track record through the past 5 years was ridiculous and nowhere near accurate in rating subprime debts as AAA.