Ratings agencies blindly mimic market jitters: Noyer
Christian Noyer, the governor of the Banque de France and chairman of the Bank for International Settlements, on Tuesday added his voice to growing criticism of credit ratings agencies from eurozone officials.
Speaking at the Bank of Korea International Conference in Seoul, Noyer said ratings agencies had exacerbated the eurozone debt crisis by responding to market turmoil, rather than the underlying health of countries such as Spain and Portugal. "That these decisions were taken at a certain
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