Remember Michel Barnier ???

Michel Barnier is a French politician, serving in the European Union (E.U.) as "Binnenminister"....
Excuse my ignorance, but what does a "Interior Minister" (my translation) actually do?
Well, Michel is heard from every now and then, when he calls for the "Smashing", "Controlling" and now "Curtailing" of the Rating Agencies, Moody's, S&P, and Fitch. In the beginning he wanted them "smashed" (read my eralier Blog)  then he became less belligerant and demanded only that they be "controlled" and now he is again on record that these three private companies, operating under the laws of the U.S.A., with offices in the USA, engaged in the reporting of the financial reliability of large Companies, and Countries must be "curtailed".
 At first Good Old Barnier screamed that these rating Agencies are a tool of the American Government to undermine the value of the Euro. The fact that a reduction in value of the Euro can only be achieved by the economic activities of European Nations, and that such a reduction in values would make it more and more difficult for American Manufacturers to sell their goods in Europe, would as it is, be counter productive to American interests, made no difference to Barny (as in Rubble).
When, much to the dismay of the Government of the USA,   one of these Agencies down graded the American rating from a triple A to a doubleA+  took much of the wind out of Barny's sails, not much was heard from this scatter brain for a while.
Now he has surfaced again in the press. He insists that the "rules of the game" under which rating agencies operate must be substantially altered in Europe. The financial standing of a "European Crisis State"
(such as Greece and Italy and...and...and...)  must not be reported for two months.....
For two whole months the truth must be forbidden to be revealed to investors and creditors. For two months we all have to pretend that the financial strength of, say Portugal is in fine shape, and that they deserve a good rating, when it is in fact known by the country itself and the rating agencies that they are close to bankruptcy.... or at least on the way to tough financial times.
Barny wants now to introduce legislation in the EU enabling a falsely rated entity, to be able to sue the rating agency. As all rating Agencies consist of "people", they can, of course, make mistakes. When the USA was downgraded they screamed bloody murder that the assumptions taken by the Agency were wrong.
The Agency simply said: Show it to us where we were wrong and we shall correct the rating. It never happened...
I am certain that if a demonstrably wrongly rated entity sustained damage, and they likely would, if only by the increase in interest payable on their debt, such a Country or company would have the possibility for redress in the international courts.
I can just see a bevy of lawyers gleefully rubbing their hands in anticipation of huge fees in case of such suits.

We all now know from varying reports about the slip-shod manner in which Greece, for instance, was governed. Imagine what might have happened to investors, had they still believed in a good credit rating for this country for an additional two month?

At first "Smashing" then "Controlling" and now "Curtailing" all rating agencies.

I cannot understand  what drives Barny. Why is he so afraid that the truth regarding the economic tustworthiness of European Countries is told?
I read nowhere that he complained when S&P downgraded the USA.

But to tell the truth about Europe????
don't you dare.

Bertstravels.