Derrick Sees Risk of Greece Hurting German Credit Rating: Video
Wednesday, March 3rd, 2010
March 3 (Bloomberg) — Simon Derrick, chief currency strategist at Bank of New York Mellon Corp., talks with Bloomberg’s Judith Bogner about Greece’s debt and deficit cutting measures.
The European Central Bank said Greeces additional deficit-cutting measures announced today will help the country overcome its economic difficulties. (Source: Bloomberg)
Duration : 0:3:41
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Part of the reason that we are in the economic mess that we are in is because credit ratings agencies gave wildly overly optimistic assessments of the soundness of corporations and their bonds, and investors relied on those ratings when they made their investment decisions. Enron was given high ratings just 4 days before they went bankrupt.
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