Moody's Malta downgrade is unfair - Fenech

pat muscat

Feb 16th, 09:49

'Il-hofra hrafa, finanzi fis-sod, par idejn sodi, ihallsu id-dejn uliedna'; issa aghar ghax diga bdejna inhallsu il-penali ahna, u uliedna se jghaddu mill-gharaq tad-demm.....waqt li tal-klikka ( skond Debono) imaxtru!

R. Gauci

Feb 15th, 19:35

Do you know what is unfair ? It is unfair that the taxes of the electorate have been badly managed. This is another show of incompetence of GonziPN. This time round, for the first time, GonziPN and his blue monotone clique cannot blame the PL for the mess in the country. Only GonziPN is responsible.

John Azzopoardi

Feb 15th, 18:36

Who says life is fair. What Moody did is open everyone's eyes before it's too late and malta go into further debt

j brincat

Feb 15th, 11:39

@Paul Giordimaina

"Again all you do is putting down what the Government does .Is there anything he did right?"

Ask yourself.

There is one right thing he can do. Call early (not so early, really) elections!



(jb)

Thomas Mifsud

Feb 15th, 11:27

Yeah Tonio everyone is wrong and unfair. GonziPN is right and fair! Your only gonna be remembered as the regime that killed democracy, this GonziPN.

Mr Aaron Sammut

Feb 15th, 11:18

You know what's unfair Dr.Fenech? Budgeting the country's finances each year and going wrong by millions.....year after year after year after year.

If you worked for a Private enterprise, you'd have been kicked out at least after the second year, but in the Oligarchy it is permissible to have all those Millions of Euros unaccounted for!!

Now you have the courage of telling Moody's that they are being unfair.......give us a break!!

John Scerri

Feb 15th, 09:09

Dear Minister ...ever heard of 'The Domino Effect'?

I'm sure you have.

Malta lives and prospers if its other surrounding economies develop .

Malta suffers if its other surrounding economies fall back.

It's a state of affairs Malta, as a small Island has to accept , given that Malta does not even have natural resources .

Malta can thank it's lucky stars that its population is hardworking , innovative, ambitious and will do anything to survive adverse circumstances.

It is good to note that our leaders compete among themselves over.... WHO will do most good for the island's people and not who will destroy whom.

This is why Malta has.... over the ages.....accumulated success after success.

A small nation with a huge ambition to succeed....Always

pat muscat

Feb 15th, 08:49

The Moody's ratings is all about the lies of 'finanzi fis-sod'; instead of making hay whilst the sun was shinning, the PN, and GonziPN in particular went on a spending spree, blowing away money, simply because it was available through credit and easy borrowing. Now that the party has ended, Dr Gonzi has nowhere to hide and we have to pick up the pieces!

Joe Fenech

Feb 15th, 08:40

Ajma kemm hu helu dak Toninu! Miskin ha ghalih!

Anthony Mifsud Bonnici Giordani

Feb 15th, 08:34

Every comment is unfair unless it is biased in favour of the PN.

ALBERT FENECH

Feb 15th, 08:18

Once more Minister Fenech plays with words whilst his GonziPN colleagues continue to delude the population into a frame of mind that "we've never had it so good". Until the WHOLE population unites to realise that things are not so good, these islands can never make headway in the current international economic turmoil because we have an administration that is in denial mode and shows no intention of beginning to tackle mounting problems. Minister Fenech can pontificate as much as he likes and can express his disappointment as much as he wants but that does not solve the problem. He knows well, as much as we all do, that when prospective investors (be they industrialists, persons wishing to relocate to Malta, etc) try to assess the Maltese Islands the VERY FIRST thing they check out are ratings by Standard and Poor's, Moody's etc, and the standard of those ratings will definitely prejudice and shape their outlook and perception. A close acquaintance of mine (not Maltese) who works for the BBC Economic Outlook programme (one of the best international economic appraisal programmes) recently informed me that internationally there was great concern for Malta's economic situation and prospective outlook because Malta is being seen as slowly sinking into an economic mire which the administration is failing to tackle. That is what should concern us and it's useless going around bleating and whining about fairness or otherwise and equally useless trying to brainwash a perceptive and perplexed population that "we've never had it so good".

ALBERT FENECH

j brincat

Feb 15th, 08:11

Mr Fenech is refusing to accept the undeniable truth and persists doing like the proverbial ostrich. Yesterday, many feathers were plucked off him by Moody’s and this follows the pompous sermon he gave to the Greeks last Friday.

Reality is catching on with us and fast. How wrong was the slogan ‘Id-dejn ihalsuh ulied uliedna’!

The future was shorter than expected and it is us who are bearing the brunt and not our future generations. We are paying for our past and present mistakes as the country has been saddled with an astronomical debt of more than 4 billion euro, thanks to successive PN governments.

This is the third downgrade we have suffered in a span of five months. What is worse is that yesterday’s downgrade was compounded by a negative outlook.

Eighteen other countries had their rating unchanged. It is countries like Luxembourg that we have to make our comparisons with because it is a very tiny country like us but still holds to its prestigious triple A rating.



(jb)

Mr ALBERT LEONE GANADO

Feb 15th, 08:10

I always wondered how these three major rating agencies arrive at their findings given they often do not dedicate all the time and effort required for a credible investigation and assessment which does ensure due diligence. It is known that shareholders of large private companies pay rating agencies hefty fees for an in depth assessment and rating of a corporation. I do not think that the Maltese government or any other party paid them for such a really credible in depth analysis. It is time that there is a serious EU bred mechanism which truly understands European sovereign state financing to assess EU member states and through a EU funded rating agency ensure and reassure that countries are not misrepresenting their true financial position . In other words nip in the bud cheating as Greece has been blatantly doing. There is always a niggling feeling that countries including ours massage the figures through creative accounting and through underestimating and disguising the true national debt and economic position. Besides EU due diligence structures It is therefore time that locally a court of auditors answerable solely to the president be established to ensure that our accountability and finances are above political considerations and thus reassure investors that budgets and economic and financial data truly represent the true state of our national financial liabilities.

John L Galea

Feb 15th, 08:06

Tonio Fenech for Eurovision: Mhus jien, mhus jien, mhus jien Moody, le le mhus jien!! It-tord hu tal-PL u tal-pajjizi barranin, le le mhus jien... Jien ministru genwin!! ................lol

Charles J. Buttigieg

Feb 15th, 08:04

Malta’s national debt has reached the alarming figure of €3.9 Billions which represents 69.1 % of our GDP. That figure maliciously excludes money owed by Water Services, Enemalta, Air Malta and other Government Agencies and Subsidiaries. Before including the letters of comfort issued by government to guarantee its subsidiaries’ huge deficits, Malta is considered one amongst 12 EU States with a debt rate higher than 60% of its GDP. And yet Tonio Fenech keeps insisting that our Finances are as strong as the rock of Gibraltar and Moodies do not know what they are talking about.

Joseph Grech Attard

Feb 15th, 00:03

Mr Minister, why do you and your government always talk of unfairness when we are downgraded and boast of your successes when someone says that we are doing well? You claim that our economy is one of the best in the EU, yet poverty, according to Eurostsat, is on the increase! Are we exchanging a good economy for poverty? Has our Christian values, which you all boast so much about, come to this? A short while ago money was no problem. Now it isl. Let us face it and not soften our financial problems. Truth brings justice. Half-truths bring about injustice and corruption, which are already looming in our little Island. Corruption ( not necessarily financial) precipitate poverty.

Kevin Muller

Feb 14th, 22:19

You only can be surprised by not knowing how money is created. Allmost all money is born out of nothing than hot air and the interest on it was never created. That's why we see all this mess. If you are interested to understand how this whole criminal system works and why it will fail (again) take a look at the crash course of chris martenson. He explains quiet well, why we are in such a mess - worldwide and not only in Malta or the EU - http://www.chrismartenson.com

Mr Joe Borg

Feb 14th, 21:27

Dawn il-kumpanijji xibka korrotta. Fejn kienu qabel ma sar dan id-dizastru fl-ewropa.

Mauro Piscopo

Feb 14th, 21:18

Everyone is recognising this country's economic crisis and the political instability which has been created except the PM and his fellows! And then we have the finance minister saying that it is UNFAIR......Moody's rating are not to be taken lightly by anyone...the Minister is just playing with people's mind!

kimberly farrugia

Feb 14th, 21:14

A second downgrading in just a couple of months.....another sign of this government's instability and lack of good governance......This political instability is not helping at all Malta's economic situation....rather than wasting time on a useless party leader election....call a general election. We need to get this country back on its feet before it is too late!

Marylyn Law

Feb 14th, 21:11

How unfair life is sometimes...right Dr. Fenech? Moody's has its reasons of downgrading Malta's rating. These are clear signs of bad administration from the present government and Moody's is not at all satisfied on what is being projected, those are the reasons behind this measure!

EDWARD CUSCHIERI

Feb 14th, 21:09

Come on Tonio! Kemm hawn affarijiet mhux fair......toqghodx ssabbat saqajk issa hekk jew hekk l-poplu jaf xigifieri meta xi haga tkun unfair bhal meta intom hadtu 500 euro fil-gimgha mentri poplu tajtih 1.16 euro.....that's what I call unfair!

david vella

Feb 14th, 21:02

Hasra li pajjizna wasal f'dan l'istat u miskien l'poplu malti li se jaqdi minn martirju kbier f'zmien li gej u lanqas jekk jimbidel gvern l'kanna li hemm ghal dal poplu hija tant kbiera li dejn ahna iridu nhalsuh l'poplu malti.

MALCOLM SEYCHELL

Feb 14th, 20:52

The minister and Gonzi should know that at the moment being part of the EU and especially the Euro is a liability

George Azzopardi

Feb 14th, 20:44

'Il-ministru qisu bandiera tixxejjer mar-rih .. l-ahhar stharrig ma merriex lil Moody's u tghidx kemm fahharha .. issa rega bdielu!! Jista jghidilna ghalfejn 18 il-pajjiz iehor, Moody's ma biddielx ir-ratings u taghna mexxija l-isfel? Forsi ma tezzistiex il-krizi ta l-euro f'dawn il-pajjizi? Moody's qed iqqabilna ma l-Italja li ga qedin fi krizi!!

Tghid lil minn ha nemnu lil-Moody's jew lil Ministru Tonio Fenech!!

Mr Joseph Carmel Chetcuti

Feb 14th, 20:25

Get real. There has been too much spin from GonziPN about the real state of the country and its economy. Stop fooling the people.

Mr Hans Borg

Feb 14th, 20:21

According to GonziPN the VOTE OF NO CONFIDENCE was unfair.
According to GonziPN the expected call for an early election was unfair.
According to GonziPN the comments by Franco Debono were unfair.
According to GonziPN the downgrading is unfair.
GonziPN believes that only they can be fair.

Charles Massa

Feb 14th, 20:15

Issa skond il Ministru anki l Moodys huma cwiec. Il Moodys ghamlu down grading lil Malta ghax mhux konvinti bil figuri li qieghed jipprezenta l gvern

silvio loporto

Feb 14th, 20:11

Could this be a record for our minister of finance?
Two downgrades and being made to revise his budget,in just 5 months.
Well done Tonio,now it's up to you to find someone to blame it on.
You are exactly what the country needs in these difficult times.

GEORGE CUTAJAR

Feb 14th, 20:06

The problem with this beautiful country of ours is that we are too insular. We think that the world is us and we are the world and many believe that we can survive on our own. The reality is that we are just a small Island in the Med, heavily dependent on all that goes on on the mainland and in the World and at the end of the day we are bound to suffer from collateral damage. This is the stark reality of the situation which the PM has warned us about but which the PL seem oblivious to.

If our European neighbors are going through a hard time with less money to spend our tourism industry will suffer, if parents of European students cannot afford to send their children to Malta to study English we will suffer, if giant European companies are running losses and cannot afford to hold a marketing conference outside their country the local hotels will suffer. We will also suffer in price hikes if the Italian dairy industry has been hard hit by the bad weather and so on and so on.

It is useless trying to convince oneself that we are some superhuman unique Islanders. We have to accept reality and manouvre ourselves out of this mess for which we are not in the least responsible

At least successive PN governments had the guts and courage to carry out radical reforms in such a way that what we are now going through is nothing near the pain and suffering of Italian, Spanish, Greek, Portuguese and other European families.

Had the MLP been running this country over the past years would we be in the EU, would the Drydocks still be operational, would they have reformed the transport system including taxis, buses etc; would they have carried out major projects, would healthcare still be free, would our students still get their stipends? And the list goes on and on.

j Azzopardi

Feb 14th, 20:06

I'm surprised that MLP (Partit Laburista) a few months/years ago they used to say that Moodys and other credit rating agencies are nonsense and now they are quoting / twitting / facebooking / mentioning them every minute! Is this hypocricy or what it is ? Uturn?

rueben pitre

Feb 14th, 20:03

mamma mia !!

tonio is disappointed re moodys .

So what ? We are disappointed with Tonio !!

marthese tonna

Feb 14th, 19:55

Bla stabilita politika, il-gvern ma jistax joffri stabilita ekonomika f'Malta! Especially after Dr. Debono's & Mugliette's comments of yesterday which increased the political instability for this government. Wara dikjarazzjonijiet tal-Moody's tal-llum, il-gvern ta Dr. Gonzi ghandu iktar isejjah elezzjoni illum qabel ghada. Imma mi derha, Dr. Gonzi & Clique biss mux jindunaw u jirrikonoxxu dan kollu.

rueben pitre

Feb 14th, 19:48

Mi derha il- Moody's ukoll mhix temmen lil gvern malti issa. Moody's titkellem fuq id-dejn u amministrazzjoni hazina li dan il-gvern qed jaghmel. Krizi u incertezza tkompli tikber, u kullhadd jirrikonoxxi dan kollhu minn barra Dr. Gonzi.

Joe Busuttil

Feb 14th, 19:48

Your master was right just once--------------that was when he was commenting on his cabinet with the American ambassador. It's everybody's fault but not that of the person responsible. And this coming from someone who called the Maltese ''cwiec.'' Not a lovely comment to pass on us voters.

marthese tonna

Feb 14th, 19:45

Not all countries in the euro zone has been downgraded but only those countries that Moody's think that they are not well managing their economy. Unfortunately Malta is one of those countries that Moody's feels like the government is not managing the economy well, which include also the mismanagement of defecit.

carmelo buttigieg

Feb 14th, 19:45

Why is it that we are always right and others are always wrong when things doesn't come in our way?

john muscat

Feb 14th, 19:43

Is it possible that our minister is a chooch or Moody's are the cwiec?

Mr B Brincat

Feb 14th, 19:34

Our Tonio's in a tailspin. Being disappointed by Moody's 'unjustified' decision contradicts his latter statement that it was the opposition leader 'getting his analysis of Moody's decision wrong'.

Paul Smith

Feb 14th, 19:25

On a lighter note,

Moody's Fitch and all the other so-called credit ratings agencies sat on an unsustainable ponzi and said nothing and did nothing for a decade, they watched Globalization take working class jobs away from people in the West and they watched AS BANKS LEVERAGED THEMSELVES OUT OF EXISTENCE and did nothing, even people like me saw a crack up boom for what it was and some brave individuals and one or two politicians even called it and we were all called Crazy, therefore it was meant to happen

I would call the last decade, The last Party at the end of the Oil age

Richard Caruana

Feb 14th, 19:24

What JM failed to mention this morning is that less than 14 months ago he was advocating that we should emulate Cyprus; their rate today (and which is still under revision) is Baa3. That's where we would be today had be taken your advice JM. And he is supposed to be PM in waiting material

Richard Smith

Feb 14th, 19:14

Perhaps putting in place a plan to reduce debt levels should be seen as the priority here. Malta has relatively low levels of debt but apparently little political will to reduce that debt.

Michael Sammut

Feb 14th, 19:05

We are all used to Government Bonds being considered safe, which is why Maltese investors are so gullible, and invest in a product (bonds) that do not carry the right rate of return, according to the related risk. This is why the Minister is so smug, when he talks about local debt. We are a foolish lot. Other products were sold as safe in this country, and the buyers were taken for a ride. MFSA certified by the way. There is one simple question behind all this. What are the government's chances of repaying 5 billion euros of debt? And what sort of legacy is that to leave to future generations? This, among all the unnecessary extravagances, is primarily what the Nationalist government has achieved in 20+ years of rule, and I for one, am nothing short of disgusted, partisan politics aside. The only thing different between us and Greece, is that in Greece the people are already aware. The chickens have come home to roost. In Greece everyone is clamouring and fighting in the streets for an end to corrupt politicians. Must we come to this before the people realise?

Michael Magri

Feb 14th, 18:45

Sur Fenech.. Could this be because Moody`s perception is also that of we having a bunch of some Maltese Political `CWIEC`, administering our finances and our Country in general....!!

Carmel Cilia

Feb 14th, 18:13

Tonio ma kontx naf li fl-ewropa hemm disgha pajjiz biss. Ghalhiex l-ohrajn ma tnaqsilhomx ir-rating. Ghaliex meta gejna biex nidhlu fl-ewropa dejjem semmejtu l-ahjar u illum dejjem itqabbluna ma l-aghar. Id dejn li ghandkhom mal maltin u mal banek maltin mhux xorta jrid jithallas jew behsiebkhom tilaghbu bih ukoll. L-Inglizi jghidu li- 'the hens are coming home to roost" u nahseb li Alla veru habbu lil Dr. Musxcat li ma saritx elezjoni bikrija ghax kollox fuqhu kontu tidfu bhal ma ghamiltu fl-1996 ma Alfred Sant._ Iva id-dejn jithallas min uliedna u ulied uliedna qal pampalun nazzjonalista darba.

Andrew Cumbo

Feb 14th, 18:06

It will be unfair with us if they are going to continue comparing Malta to Italy. Now they have to learn and leave Italy out in their replicated speeches. Though sure they will continue weighing us with Spain and Greece, which I think we are not that far from their financial situation.

John Azzopoardi

Feb 14th, 18:05

Who does Mr. Fenech think he is talking to. When I have worked in the credit industry and when downgrades are made, they are made because of existing data and statistics. The finance minister should not be playing with people's minds on these issues. Moody's ratings are too be taken seriously. Maybe, the Finance Minister needs to go back to school to read about market, credit, country risk.

Charles J. Buttigieg

Feb 14th, 18:02

When Moody gives us a good rating our Minister of Finance and his colleagues come out lauding them big time ,at different situation like we have now he goes out questioning their capabilities and their sense of good judgment. Min jista ma jibkix b’dan kollu! And yet a sizeable number of people will still vote Gonzipn.

Francis Sammut

Feb 14th, 18:00

''Jitwistja l-interpretazzjoni!'' For a moment there I thought the Minister is talking about someone doing ''The Twist!'' Pray, how can our children listening to this kind of spoken Maltese (!) coming from a Cabinet Minister no less, ever get enspired at all? The executive should lead by example, no? Yeah, example my foot!

G Mangion

Feb 14th, 17:59

Who cares about Moody's seems they are in a very bad Mood !!

We Care that Malta Has the right Leadership with the most Secure Dierction.

G. Mangion

J. Mifsud

Feb 14th, 17:58

Don't tell me the Minister was pouting and stamping his feet, His statement reminded me of a seven year old who was being given the same punishment as his siblings when he had behaved a little better. Look whose governing Malta.

Manuel Zammit

Feb 14th, 17:54

Maybe it would not be a bad idea to watch the documentary film The Inside Job to realize where these Credit Rating Agencies are coming from. The conflicts of interest, the political agendas, the millions and millions of dollars they and their top employees are paid, etc. One may find the film an education and this is not fiction but reality. These Credit Rating Agencies gave a AAA rating to financial institutions and Banks which collapsed after a few weeks of being given this rating, e.g. Lehman Brothers, Merill Lynch. After all this, these institutions had to be bailed out using the taxpayers' money. How's that for foresight???

A Dimech

Feb 14th, 17:44

I happen to Believe Tonio, and I do not believe S&P and Moody!!

who do they think they are?!!!

A Dimech

Feb 14th, 17:43

UNFAIR!! UNFAIR !!! IT IS SO UNFAIR!!!!

Please Tonio don't forget that thsi is the second downgrade in 2 months.... by two separate agencies!!

are they both unfair?!!

Simon Bonello

Feb 14th, 17:41

Anzi ma nafx kif ma qalx li tort ta Joseph Muscat u tal PL :-))))

Anthony Pace

Feb 14th, 17:40

Moody needs to downgrade the minister and his colleagues including the PM for being so fickle with the country's debt and inconsiderate pay award to ministers for three years without anyone knowing.

A retard could do a better job with the economy!!!

Jeffrey Mallia

Feb 14th, 17:35

You would have done worse if you where on the opposition benches, mr Tonio Fenech .....

Leonard Brincat

Feb 14th, 17:32

Sur Fenech issa tista izzid lil tal moody's mal lista tac cwiec. Ara int mhux cuc ghax hadt 500 euro zieda

Mr Andrew Camilleri

Feb 14th, 17:21

To quote Moody's report: "Malta's relatively weak debt metrics compared with 'A' category peers and the country's reliance on the strength of the European economy, which will dampen its own growth prospects in the medium term and worsen its debt dynamics. ". So one of the problems is Malta's reliance on the European economy. If this is the case, and the Minister of Finance should know this, why not diversify so that Malta will interactt with other markets and economies? A bit of foresight considering the eurozone problems would help, Mr Minister.

Joseph Vassallo

Feb 14th, 17:18

For ALL you lovely bloggers out there. This is just out of CNN
Feb 14, 2012 02:40 AM PST

Moody's threatens to downgrade UK
By Michael Mackenzie and Vivianne Rodrigues and George Parker

London (Financial Times) -- Moody's put the UK, France and Austria on negative outlook late on Monday night, raising the prospect that the three countries would lose their triple A ratings due to exposure to the eurozone debt crisis.

It is the first time that the heavily indebted UK has been placed on negative credit outlook by a big rating agency since the eurozone crisis erupted.

George Osborne, the UK chancellor, said the move supported the government's tough austerity measures and was "a reality check for anyone who thinks Britain can duck confronting its debts".

But Ed Balls, Labour's shadow chancellor, described the decision as a "significant warning to a chancellor who himself made balancing the books by 2015 and the views of the credit rating agencies the key benchmarks for the success of his economic policy".

He added: "We have consistently argued that the chancellor's gamble -- raising taxes and cutting spending too far and too fast -- would backfire because without a balanced plan that promotes jobs and economic growth the government will not succeed in getting the deficit down."

Mr Osborne told the BBC on Tuesday morning however that it was wrong to pretend there was a 'false choice' between growth and reducing national debt.

"The idea that I'm not behind growth is ridiculous...that's what I spend every day of my life trying to bring about," he said. Mr Osborne admitted there was no 'easy route' out of the uk's economic difficulties.

A negative outlook means that Moody's could downgrade the UK in the next 12 to 18 months. The country now shares the same outlook from the rating agency as the US and France.

Yves Lemay, managing director for European sovereigns at Moody's, said: "The signal is there is pressure on the rating, but we do recognise that the UK's triple A has some resiliency."

Sterling fell to a two-week low against the dollar, falling to $1.5685, before recouping some of the losses. The yield on 10-year gilts was little changed at 2.13 per cent.

French finance minister François Baroin said France's triple A rating was maintained by Moody's because of factors including "the size of its economy" and its "increased productivity". He added that the French government was "determined to press ahead with its actions to boost growth and competitiveness".

Moody's said in a statement: "The primary driver underlying Moody's decision to change the outlook on the UK's [triple A] rating to negative is the weaker macroeconomic environment, which will challenge the government's efforts to place its debt burden on a downward trajectory over the coming years."

It added that the UK was vulnerable to the eurozone and that its outstanding debt placed it among the most heavily indebted of its triple A-rated peers.

"Although the UK is outside the euro area, the high risk of further shocks, economic, financial, or political within the currency union are exerting negative pressure on the UK's [triple A] rating given the country's trade and financial links with the euro area."

The euro and pound both dropped about 0.3 per cent against the dollar in thin early trading in Asia.

"Moody's tends to be more conservative than S&P but it's trailblazing here by placing the UK on a negative [outlook]," said Kathy Lien, director for currency research at GFT Forex.

Moody's also downgraded a number of eurozone countries including Italy, Spain and Portugal.

Italy was cut to A2 from A3, Portugal cut to Ba3 from Ba2, Spain downgraded to A3 from A1. Slovakia, Slovenia and Malta also had their ratings cut with negative outlooks.

The move by Moody's comes after Standard & Poor's downgraded France and Austria, one notch to double A, last month.

Moody's two notch downgrade of Spain places it rating one notch below that of S&P.

Mr Lemay of Moody's said the tough economic outlook facing the eurozone was particularly acute for Spain, with an unemployment rate above 20 per cent and a banking system that is still very much challenged.

Joseph Mizzi

Feb 14th, 17:16

Just as Moody's downgraded Malta way back in 1996, when Alfred Sant froze the country's application to join the EU, so has it now downgraded Malta because of the problems inherent in the EU economic situation.

We'll have to either lump it or dump it!

Joseph Calleja

Feb 14th, 17:15

Life in general is unfair Tonio Fenech. You should know that by now. If in doubt, ask the employees at Air Malta how unfair life is. Ask the kids that have to live with cancer or any other decease.. Ask the people that have to live in poverty through no fault of their own. Unfair? I could go on if you want. Wah Wah Wah.

mario gellel

Feb 14th, 17:14

Industrial production in Malta dropped by 2.9% in December, when compared to the previous month, Eurostat said. In the euro area, industrial production fell by 1.1%.
ARE THESE "LIARS" TOO, TONIO ?????

E. Azzopardi

Feb 14th, 17:11

The Hon. Minister could be right and I firmly believe that he has a point, up till now. On the other hand, there are so many UNFAIR aspects on this island!!

mario gellel

Feb 14th, 17:04

"In reality, [the downgrade] doesn’t have any impact,” Mr Fenech reassured, since Malta’s debt is predominantly local.

GOOD ONE THIS TONIO. AS IF LOCAL DEBT IS NOT DEBT STILL.

carmen delia

Feb 14th, 17:03

Most unfair as we cannot be compared to Italy or Greece but not to worry as all EU countries that have been downgraded are again on the same level with each other as before the downgrade
As for jm rubbing his hands in glee goes to show how much prosperity he wishes for his country
God forbids he will be prime minister as Malta will be rated to junk in no time

Anthony Paris

Feb 14th, 17:02

Whether we like it or not, the indisputable fact is that the National debt increases by the day, inspite of increase in taxes, removal of subsidies, sales of assets, tax revenues from foreign betting and financial institutions. So something is not quite right. Moody's does not have to look very far to see this deteriorating situation. On top of the official National debt there are the hidden government obligations that may have to be met, like Air Malta. So Moody's is telling investors (Maltese or otherwise) be careful.

Malta Warrior

Feb 14th, 16:55

to all the scaremongers on these commentboards: are you for real??? when will you stop repeating the inane comments of your political masters. Unbelievable! it's as if the world starts and ends in this poky island of ours.

GEORGE CUTAJAR

Feb 14th, 16:53

Moody's should investigate well and audit countries before effecting a downgrade.

As it is we have an opposition party painting claiming that the end is near, a wannabe Prime Minister/Minister back bencher stoking the flames for his own personal agenda and yet the reality is that this country is still moving forward in terms of employment, investment and well being.

If Moody's appreciation of our economy is as good as their appreciation of the sub prime funds in the US back in 2008 than they really do have serious problems of credibility.

Julian Borg

Feb 14th, 16:50

Moody's are the same firm that held Lehman Bros at the highest rating until the day before it collapsed bringing down most of the world's larger economies with it....

A. Schembri

Feb 14th, 16:49

Iva alfejn ma taccetax li ghaffigt u daqsekk....alla jbierek dejjem tijek tajjeb, isek tifel zghir..arroganza tispika..

U kif qal ta qabli laqqas l honoraria ma kinet fair imma xtamel hux, int dejjem andek ragun.

mario micallef

Feb 14th, 16:47

I wouldn't say the Minister is entirely wrong here. The calculations of US crediting agencies are being questioned in the EU. Perhaps, had less attention been given to their ratings, Europe would not be in the pickle it is now. And before some smart-a*se tries to contradict, please get a management or economics degree and do some research. Not every argument boils down to politics.

Timothy Cachia

Feb 14th, 16:44

For once I have to agree.. when Malta is compared to other countires close by such as Italy and Greece, we are faring much better then them. Putting us in the same group as Italy and Greece is totally unfounded and clearly shows lack of research from Moody's side.

Issa jekk u Gonzi PN or Muscat PL or whatever... the fact remains that we are not in a disastrous state as Greece is.

Joseph Borg

Feb 14th, 16:37

Please tell us from where the Maltese people can downgrade the Finance Minister's rating?! What do you possibly expect Tonio, after the disaster you landed us in?!?! Din id-darba qed tibki int flokk il-Madonna jaqaw?!

Joseph Cauchi Senior

Feb 14th, 16:35

Why is it that every time the PL and Joseph Muscat hear something as perceived as negative, they immediately rub their hands in glee?

It is understandable, up to a certain point, as it would be impossible for Joseph Muscat to become PM in the near and distant future if the Maltese economy continues to show a positive trend.

The only chance for Joseph Muscat and the PL of ever gaining power in Malta, is only when the Maltese economy goes down.

And by the way it looks; it would be perhaps in 20 years time, if Joseph would be still around!

JC.

Joe A. Borg

Feb 14th, 16:35

“We must continue giving the message that our finances are on a sound footing,” he said,

The message to whom?

Do we get the same picture that Moody gets or do the propaganda version?

"Moody’s, which operates from the US and took its decision after a tele-conference, could have lumped Malta with other countries purely because of its geographical position, Mr Fenech said????? Wonder what was actually said to them? I do not think that Moody is in a position to just lump a country simply following a brief telephone conversation!

I wonder whom Mr. Fenech thinks he is taking for a ride, us or MOODY?

And finally, I do not think that Moody are inventing things!

CHARLES PISANI

Feb 14th, 16:28

YES IT IS UNFAIR......OUR UNEMPLOYMENT IS VERY LOW...WE HAVE VERY STABLE BANKS..WHEN GOVERMENT ISSUE BONDS THEY ARE NOT ONCE..NOT TWICE..NOT THREE TIMES BUT ALWAYS OVER SUBSCRIBED. I THINK MINISTER FENCH KNOWS HIS THINGS MUCH WELL, AND THE FACT THAT HE INVITE THEM TO COME AND SEE BY THEMSELVES HOW THINGS WORK HERE..FOR ME IT MEANS THAT MOODYS DO THINGS AS THEY ARE AVISE NOT THROUGH GOOD HOMEWORK.

Alex Ciantar

Feb 14th, 16:26

Whoever told you life was fair?

Ms Mari Bor

Feb 14th, 16:25

Tonio biss ghandu ragun. L-istituzzjonijiet l-ohra kollha zbaljati!

Inutli toqodu tmeruh.

tony camilleri

Feb 14th, 16:25

can't anyone see that all this fearmongering isn't helping at all??? the more bad news (of future events) comes out, the more people are fearful of spending , and therefore the economy gets worse...

Mr vincent mifsud

Feb 14th, 16:22

MR FENECH,if you do not like what anybody say about your office you always say that its not good,but if someone have to say that all is going ok(NOT MANY)YOU BE FIRST TO SPEAK ABOUT.SO PLEASE JUST HAVE A GOOD LOOK ON WHAT MOODY'S ARE SAYING.

John Zammit

Feb 14th, 16:19

Before they done the report they were in Malta to have discussion with all the political and other associations on the Island NO??

R ferriggi

Feb 14th, 16:17

OK,,,,SO THE SITU IS NOT ''THE BEST'' HERE.

BUT WHEN SUCH BULLIES COME AND PUT SPANNER IN YOUR WORKS,,,

IT IS ONLY RIGHT THAT THE MINISTER ASKS FOR EXPLANATIONS.

ARE WE INTERESTED IN THE WELL BEING OF OUR COUNTRY OR NOT??

FROM COMMENTS YOU READ,,, YOU DOUBT IT.

WE ARE ON THE SAME BOAT AND WE HAVE TO ROW AND SURVIVE TOGETHER ,,, MY FRIENDS.

sharon farrugia

Feb 14th, 16:16

Arroganza grassa!!!!!!!!!
min idahhal rasu fir-ramel hekk jigrilu.
HADD MA GHANDU RAGUN, HLIEF GONZIPN U L-KLIKKA TA' HAZEN!!!!!!!!!!
WARBU MINN NOFS.

Darren Vassallo

Feb 14th, 16:15

dr.fenech tista tajdli xghandu xjqsam dr.muscat ma downgrade tal moodys??

il moodys tat certifikat hazin lil dan il gvern u ammeti jekk jogbok,u mhux tuqod idahal il muscat fin nofs,

ghax inkela meta ikun em certifikat tajjeb mela ajd bil hila ta muscat ta?

grazzi!

David Bailey

Feb 14th, 16:13

So we've heard both the PM and Tonio Fenech tell us our debt isn't an issue because it's all local (government-issued bonds instead of borrowing from foreign banks). So if at some point we start going the way of Greece, it will be us who take the hit instead of foreign banks, since the Government cannot make timely bond repayments, and eventually our investment vanishes into thin air. May I ask how is that a good thing?

And while rating agencies aren't sacrosanct, our current debt of around 68% of GDP is higher than Spain's and in the top-half of EU countries and has been rising since 2008. Can't really blame them for downgrading us.

W Cassar

Feb 14th, 16:10

"Unfair" Sounds like a little boy throwing a tantrum !!

joe galea

Feb 14th, 16:08

LOL !!!!!!! HADA SORPRIZA!!!!

Jonathan Sciberras

Feb 14th, 16:08

Taf xinhu unfair sur Fenech..... il 500 li hadtu zieda bil mohbi tal poplu..... dak hu unfair....

Philip Grech

Feb 14th, 16:06

'Disappointed'
We are disappointed; others should be ashamed.

Tania Farrugia

Feb 14th, 16:06

So was your €500 weekly pay rise.....hence the downgrade for 'acting differently' when others were tightening their belts instead of thickening their pockets....

Richard Borg

Feb 14th, 16:03

Your honoraria increase was also unfair, yet, life goes on Hon. Fenech.

Peter Murray

Feb 14th, 16:02

the Greek people are saying the exact same thing.

Lawrence Fenech

Feb 14th, 16:00

"Unfair" coming from Fenech is another joke of the year.