17.8.11

Fear of the Executioners: The Sinister Power of the Rating Agencies

08/16/2011

Fear of the Executioners

The Sinister Power of the Rating Agencies

By Michaela Schiessl, Christoph Schult and Thomas Schulz

Photo Gallery: In Thrall to the Big Three

 

Photos

 

REUTERS

As the debt crisis worsens, governments fear the rating agencies, which have the power of life and death over whole economies. The Big Three helped to cause the 2008 financial crisis and are now accused of worsening the euro zone's woes. But a look behind the scenes shows that there are few alternatives to the mighty agencies.

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The man who will decide on the financial health of entire countries this summer wears dark suits and square wire-rimmed glasses. He has graying hair, but his face is youthful. He speaks in a sonorous baritone tinged with a southern German accent. Yes, this ratings guru is from Germany....

the full article via.. spiegel.de

 

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