Risk Europe: S&P slammed for linking Greece, Portugal downgrades to ESM

European commission

One of the engineers of the European Stability Mechanism (ESM) has attacked rating agency Standard & Poor's (S&P) for tying its March 29 downgrade of Portugal and Greece to the ESM. Speaking at the Risk Europe conference in Brussels, Benjamin Angel, a unit head at the European Commission's (EC) directorate general for economic and financial affairs, called a recent S&P report "stupid" and criticised the "strange decision" to blame the rating cuts on expected borrowings from the ESM.

As the ESM

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here: http://subscriptions.risk.net/subscribe

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a Risk.net account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: