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It's time we stood up to these ratings agencies

Is it just me who believes this country's financial future along with that of its European partners is being manipulated by those faceless people in ratings agencies such as Moody's and Standard & Poor's?

With the new reporting procedures insisted on by the EU, are not all countries within the EU subject to review regarding their budget and spending strategy, thereby making it common knowledge what state their finances are in?

It is high time the EU stood up to these speculators who in the past have given AAA ratings to some organisations shortly before those same organisations reported millions of euro in losses.

It is Ireland this week, but it may not be too long before these agencies, whose only motive is profit, turn their destructive sights on some of the bigger countries, thereby threatening the whole European project.

Brendan Hogan
Kilmore, Co Wexford

Irish Independent