It’s no surprise there’s a Portuguese group on Facebook trying to block or hack into Moody’s, it’s just a surprise that there’s no similar type of Facebook group in Greece, Spain and Ireland, all countries with shaken economies and debit problems. Since Moody’s come along and attack, bite and spit at them. If any countries have any pride or fight in them they should direct at it Moody’s.
Moody’s, the all powerful, will come along like some giant fire breathing Godzilla and downgrade their debt rating, only causing the interest rates on their debt to go higher, and push their borrowing costs that much more out of reach.
Can’t these countries be put in some kind of safe zone, where they can’t be downgrade for a period of time, just so they can get out from under their debt issues? Can’t they stop Moody’s? Or at least not let them cause havoc across the globe with their downgrades, sending countries into a downward spiral.
It’s not like Moody’s had the foresight to downgrade countries prior to the 2007-2008 financial crisis. It’s one thing to downgrade a country when they’re on the verge of collapse, it’s much different if they start to question their stability years prior to their troubles. It’s like punching someone in the face just when they start to show signs of life after they’ve left the hospital. We know these countries are in trouble already. There’s no reason to throw gasoline on the fire.
As Joseph Fahmy tweeted, Moody’s deserves a downgrade:
@jfahmy Joseph Fahmy
These downgrades are getting tired. When is someone going to downgrade Moody’s?