«What would happen if credit rating agencies ceased to exist? It is a question that few of us ask ourselves today, but one that leads to some fascinating reflections.»That’s how it began" the article que publicamos hace más de 2 años. Lamentablemente hoy es un debate que ocupa las portadas de los medios por motivos muy tristes, ya que se cuestiona el rol de las calificadoras única y exclusivamente porque han rebajado masivamente los ratings europeos. Esta misma reacción (la de la opinión pública e institucional) ya ocurrió con el downgrade del rating de Portugal, aunque en menor medida. Manda huevos que las corruptas e incompetentes calificadoras sean las más lúcidas en este mundo de locos endeudados. Os dejamos releer aquel breve artículo del 16 de Diciembre de 2009, parece que fue ayer, y después haremos varias reflexiones al respecto, algunas de las cuales ya comentamos en la segunda parte del artículo el pasado verano. Reflexiones que lamentablemente son tan vigentes como hace 4 años. 
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We had already warned of this in
Just a few days before it was announced 
We have already pointed this out in previous articles 
«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the 
The secret will not be revealed until Monday 12 December. But given what we have seen in terms of the cowardice, mediocrity and financial incompetence of the EU’s politicians and bureaucrats, coupled with the conflicting interests of the Merkozy duo, it cannot be ruled out that the eagerly awaited announcement on 9 or 12 December will amount to yet another ineffective stopgap measure. Nevertheless, hopes are pinned more than ever on these statements, which will do nothing more than make public the agreements that have been secretly being hatched since the finance ministers of Germany, the Netherlands and Finland met discreetly last week. 
Italy’s debt alone is greater than the combined debt of Ireland, Greece, Portugal and Spain. Germany cannot pay off the PIIGS’ debt, and the other economies still afloat (namely France, Belgium, Austria, etc.) have their hands full simply trying to feign a solvency that is deteriorating more and more with each passing day. The only way to repay the market (institutional and private investors and speculators) the money owed by Italy and the other PIGS is to print it in the purest banana republic style.