Germany S&P head rejects criticism of Greek role

Reuters
July 6, 2011

The head of Standard & Poor's in Germany rejected criticism that the ratings agency was being too tough in judging efforts to involve the private sector in Greece's bailout without triggering a sovereign debt default.

"The assertions are completely made up out of thin air and factually wrong. They are either based on ignorance of the facts or are politically motivated comments (that) neglect the facts," Torsten Hinrichs told Austrian radio in an interview aired on Wednesday.

Critics include European Central Bank Governing Council member Ewald Nowotny, who said this week ratings agencies appeared to be applying a double standard in Greece's case.

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