Commission declines to comment on Greek rating
The European Commission refused, once again, yesterday to comment on the lowering of Greece's rating by the rating agencies. S&P followed by Moody's have, in fact, lowered the rating of Greek debt (as well as four Greek banks) to a triple CCC. Either one of the worst ratings, generally reserved for near-desperate cases. As I insisted a little, pointing out that by not commenting, they were giving credence to the idea of a very bad health of the Greek debt (according to the good old adage: who does not say a word consents), the spokesperson for the Commissioner Rehn (Economics) commented on my question finding it "pitiful". "We should take a better look - he underlines on the report drawn up by experts from the Commission and the European Central Bank. This is not serious".
Comment: between a triple CCC bad note understandable by anyone who wants to invest a little bit, and a report of several dozen pages, quite impossible to read, I unfortunately believe that there is not the shadow of a doubt in what investors will prefer. By not wanting to condemn the attitude of the rating agencies, the European Commission is playing a dangerous game...