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Drones over U.S. may pose security risks
BERLIN, May 4 (UPI) -- German Chancellor Angela Merkel said it was time for Europe to create a credit-rating agency that was oriented toward long-term market dynamics.
Merkel said she would support a European agency that would compete with Standard & Poor's, Moody's Investor Service and Fitch Ratings, and provide "an understanding of basic economic mechanisms different from the existing agencies, more oriented toward … (sustainable dynamics) of the economy and less on the short term," the EUobserver reported Tuesday.
"More competition in this area can not hurt," she said.
The influence of the big three credit-rating agencies, all of which are U.S. companies, was evident last week, when S&P downgraded Greek debt to junk status just as Greece, the European Union and the International Monetary Fund were negotiating a $147 billion loan program to help Greece dig itself out of debt.
On Monday, the European Central Bank said it would accept Greek government bonds as collateral on loans to Greek banks, even if they were below investment status.
Merkel made her comments after her cabinet approved Germany's $30 billion contribution to the Greek loan package.
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