Opinion, by Michael Royster
RIO DE JANEIRO, BRAZIL- The seemingly inevitable has happened — Brazil has now been downgraded by Standard & Poor's, one of the three big credit risk agencies, to “speculative” status, meaning there is a risk it will not honor its debt. Many are asking “What took them so long?”
The Curmudgeon submits it is because S&P was (and its competitors Moody’s and Fitch still are) waiting to see whether Finance Minister Levy would be able to stop Subscribe to our Premium Membership Plan. Already Subscribed? Login Here