Thus they're asking ratings agencies to take a closer look and investigate the matter before simply letting Russia's upcoming eurobond issue be rated and sold to investors:
Standard and Poor's is currently investigating the Greek government's use of swap agreements which enabled it to dissimulate the extent of its budget deficit. Ccder invites agencies to similarly investigate the dissimulation of Russian sovereign debt in that state's accounts and documents pertaining to its currently quoted sovereign issues, to adjust the Russian state's balance sheet accordingly, and thus to revise public debt from 8% to more than 32% of current GDP, before analysing Russia's capacity to pay.
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And when we investigate Standard and Poor's what do we find?
ReplyDeleteAnything like Ernst and Young and the whole REPO 105 fiasco?
Creative accounting n shit.
What's more interesting is that nobody asks to revise the US rating even despite all the scandals around Goldman Sacs and Lehman Brother and California's inability to pay it's debt (just like many other states). http://www.infowars.com/the-video-that-will-put-geithner-behind-bars/ Or the main crooks are allowed to cook books?
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