The President of the Workers’ Party, Michael Finnegan, has branded financial ratings agencies such as Standard & Poor’s and Moody’s as “economic saboteurs” and said that they should keep their noses out of Ireland’s referendum on the Fiscal Treaty.
Mr. Finnegan was speaking after comments from a leading economist at Standard & Poor’s who had stated that a rejection of the Fiscal Compact by Irish voters in next month’s referendum could be a potential flashpoint for the Euro Zone.
“These rating agencies”, said Mr. Finnegan, “have no business interfering in the Irish referendum process. They are private companies who profit from the fall and rise of the stock markets. They have no official standing and are no more than tabloid racing pundits who get things wrong more often than right. Their actions in the build up to the current crisis poured petrol on the developing fire and their reputation has been tarnished beyond reprieve”.
Mr. Finnegan said that the government was trying to orchestrate a procession of doomsayers to terrify people into supporting the Fiscal Treaty despite the fact that none of these bodies have a good word to say about it.
Issued Friday, 27th April 2012