RussiaToday on Jul 8, 2011
Unjustifed and unfair ... but with the power to determine the fate of entire countries. That's the verdict of Germany's Finance Minister on the world's big three credit rating agencies after Portugal had it's debt downgraded to junk status. The move is having a disastrous effect on the EU - ripping apart the relative calm brought by a second Greek bailout. The panic is proving contagious, with fresh fears emerging that Ireland may also need another cash-injection. It comes as Germany, the EU's biggest economy, debates the very legality of the bailouts. But the only fault of the ratings agencies is that they didn't downgrade Portugal and Greece any sooner - that's according to writer and editor Patrick Young.