Europe in a ratings wonderland

Europe in wonderland

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It is a hard time to be a credit rating agency. After being rightly excoriated for the disastrous shortcomings of their analysis in rating structured subprime mortgage securities, they are now being pilloried for their understandable caution about falling behind the curve in the European sovereign debt crisis.

I have previously noted with approval the comment by Roger Bootle, currently managing director of Capital Economics, that risk managers would do well to read less mathematics and more

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