Olli Rehn suffers from rating paranoia

EU Commissioner for Economic and Financial Affairs Olli Rehn criticised the rating agency Standard & Poor's on Monday for downgrading nine Eurozone countries, calling the agencies "tools of American financial capitalism". The business paper Hospodářské noviny diagnoses Rehn with paranoia: "Let's recapitulate what happened the first day after the downgrading: 1. France sold its bonds without a problem. 2. The European stock markets rose slightly. 3. Moody's maintained France's top AAA rating. 4. EU Commissioner Rehn went nuts. The first three points are perfectly in line with the assessment of the International Monetary Fund, according to which it is 'possible to fend off a new phase of crisis by means of resolute precautions and global support'. But only, it must be added, under one condition: that Europe does not catch ORPS - the Olli Rehn Paranoic Syndrom."

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