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French Union Leader Compares Rating Agencies to Private Militias

Translated Sunday 2 May 2010, by Isabelle Métral and reviewed by Henry Crapo

Current speculative attitudes on the markets that target Greece, for instance, « no longer jeopardize companies or branches of activity, they now target States, on the basis of the opinions of rating agencies no one knows anything about, which I would personally call private militias,” Bernard Thibault, general secretary of the main French Labour Confederation yesterday declared on radio BFM.

Three rating agencies, he further explained, “ which were set up by multinationals in the first place, enjoy worldwide supremacy and now usurp a prerogative far superior to any authority the international institutions may have, namely that of rating the behaviour of governmental policies, or even of jeopardizing them through their rating and the speculations they give rise to.” Standard and Poor’s lowered the rating of the Greek debt last Thursday and thus made it harder for the Greek government to levy funds.

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