Rating agencies under scrutiny once more

The rapid downgrading of Greece's sovereign debt has prompted questions to be asked about the way credit rating agencies operate.

Michel Barnier, the European internal markets commissioner, told members of the European Parliament, as reported in UK newspaper The Independent, that there needed to be a fresh investigation into the way the agencies work. "I think we need to go further to look at the impact of the ratings on the financial system or economic system as a whole," said Barnier. "That's

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