The problem with these rating agencies is that they are (mostly US-based) private entities who wield substantial power over the economies of foreign countries. For instance, American rating agencies have just lowered Ireland's credit rating given the country's recent economic difficulties. Once the credit rating has been lowered, the country now faces increased interest rates if it needs to borrow money, or if it issues bonds.
This in turns affects the country's economy, as it is now much more costly to borrow money. This becomes a big problem if the credit rating is not representative of the country's actual ability to pay, or of the actual risk of defaulting. It basically means that the rating companies can sabotage a foreign country's economic recovery just by giving out an "opinion".
I wonder what twin #1 would say when the designer calls her up and tells her she needs to get separate license to wear the dress at her wedding... AND a license to take pictures of herself in it...
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If they ever do this in the US, someone is gonna get shot...
The problem with these rating agencies is that they are (mostly US-based) private entities who wield substantial power over the economies of foreign countries. For instance, American rating agencies have just lowered Ireland's credit rating given the country's recent economic difficulties. Once the credit rating has been lowered, the country now faces increased interest rates if it needs to borrow money, or if it issues bonds.
This in turns affects the country's economy, as it is now much more costly to borrow money. This becomes a big problem if the credit rating is not representative of the country's actual ability to pay, or of the actual risk of defaulting. It basically means that the rating companies can sabotage a foreign country's economic recovery just by giving out an "opinion".
I wonder what twin #1 would say when the designer calls her up and tells her she needs to get separate license to wear the dress at her wedding... AND a license to take pictures of herself in it...