Economic Governance: The High Costs of Poor Performance or High Returns of Sound Management
Economic Alert
The Standard and Poor’s (S&P) Rating Services assigned a score of 8 (very high risk) to the Sri Lankan economy and banking industry last week. The role of ratings agencies in the lead-up to the global financial crisis (2008) was certainly highly questionable. There are also issues related to their accountability. Despite this, and setting aside the merits or otherwise of S&P’s assessment, this episode serves to highlight the following:
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