Conspiracy theories about the euro crisis go all the way to the top. A few weeks ago, I heard a key German decision-maker suggest that the ratings agencies are deliberately trying to stoke up the crisis, because they stand to profit from it. (He didn’t explain quite how.) No sooner have things calmed down a little, fumed this individual, then the ratings agencies will leak some depressing bit of analysis, and the markets start to panic all over again.
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