Rating agencies: regulate or downgrade?
Fears that an economic superpower like the United States or Great Britain will lose its much-cherished AAA rating have been front-page news recently. The possibility of a downgrade or even a change in outlook is a nightmare for debt management offices the world over. But that ratings agencies' words induce such panic is somewhat anomalous. It is commonly thought that they were at least partially responsible for the current financial quagmire, yet their power has remained intact and may even
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