do we just sit and wait for the axe to fall?, page-5

Hi Thorburn Dopey and all,

If you think that the rating agencies the ECB, IMF, FED or anyone else that claims to have superior knowledge of what is going on in the financial world you are forgetting that old saying: “That he who is ignorant of history is doomed to relive it.”

Check out their recent score card:

Oh! And by the way please note this is with the benefit of hindsight and all that happened in 2008.

Go beyond 2008 and they look even more foolish in their predictions.

Cheers and very best regards: Andy

“Fitch had said Cypriot banks could absorb the impact of an assumed 50% haircut on Greek bonds,”

http://www.financialmirror.com/news-details.php?nid=23981

“Bank of Cyprus has successfully passed the stress test exercise
with ample capital buffer”

http://www.bankofcyprus.com/Documents/Investor%20Relations/EU%20Stress%20Tests/ENG/StressTestENG.pdf

“In theory, the ECB can continue financing Greek banks for the foreseeable future.”

http://online.wsj.com/news/articles/SB10001424052748703467304575382682256609918

Andy: I guess we’ll see:

“The big banks are strong enough to withstand a major global economic downturn, the industry’s regulator says.”

Read more: http://www.smh.com.au/business/banking-and-finance/big-four-banks-pass-stress-tests-20121108-2908s.html#ixzz2y42onVM4