Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of National Bank of Greece S.A. (NBG), Alpha Bank AE (Alpha), Piraeus Bank S.A. (Piraeus) and Eurobank Ergasias S.A. (Eurobank) at 'Restricted Default' (RD). At the same time the agency has affirmed the four Greek banks' Viability Ratings (VRs) at 'f'. A full list of rating actions is available at the end of this rating action commentary.
By YANIS VAROUFAKIS, Project Syndicate
A commitment to the independence of central banks is a vital part of the creed that “serious” policymakers are expected to uphold (privatization, labor-market “flexibility,” and so on). But what are central banks meant to be independent of? The answer seems obvious: governments.