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Headline: Sovereign downgrade fails to move markets Source: Euromoney Date: September 2001 Author: Kala Rao
That was not because they disagreed with the assessment but because the rating actions confirmed what the market already knew. Sunil Gulati, head of investment banking at ING Barings, says: “Second-generation reforms have simply not taken off.” An economist at a large US investment bank adds: “The market [index] is down from 6000 to 3300; that’s a verdict on economic reforms.” | |||||||||||||||||||||||||||||||||||||||||
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