Hanglung Group Greek Government Blasts Moody

Online, March 22, 2011 (Newswire.com) - "Hanglung Group": Credit ratings agencies are cleaning up their act 4 or 5 years too late according to the Greek government who lambasted Moody's, one of the big three, for cutting the country's debt from B1 to Ba1.

The reasons for the cut centered on intense speculation that Greece will face a shortfall in tax revenue as well as headwinds in reforming its expensive healthcare system.

"The yield on the 10-year Greek bond hit 12.32, some four times that of equivalent German bunds as a result," said James Morgane senior vice president of mergers & acquisitions at "Hanglung Group".

"Having completely missed the build-up of risk that led to the global financial crisis in 2008, the rating agencies are now competing with each other to be the first to identify risks that will lead to the next crisis," read the terse statement from the Greek government.

The "Hanglung Group" research analyst said, "We have to remember that Greece and, therefore, Europe, is in real trouble and even though European leaders are meeting this week to try to hammer out a more credible bail-out mechanism for future casualties of this debt crisis, Moody's know it's impossible to get blood out of a stone."

The Moody's decision prompted a sell-off in bonds issued by Portugal and Ireland as well as Greece's which continue to be dogged by investor concerns that its austerity measures will not be enough to prevent the eventual restructuring of its debt, an event which will almost certainly hit Europe's banking sector.

"Hanglung Group"