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Kuczyński, Piotr

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2 articles of this author have been cited in the European Press Review so far.

Gazeta Wyborcza - Poland | 16/09/2011

Few lessons learned from Lehman bankruptcy

The US bank Lehman Brothers filed for bankruptcy in September three years ago, triggering the ongoing international financial crisis. Unfortunately states seemed to have learned little from the experience, admonishes Piotr Kuczyński, chief analyst of the Polish investment company Xelion, in the liberal daily Gazeta Wyborcza: "We should have carried out sensible reforms. We should have tamed the financial markets with new rules. We should have said farewell to those companies that were 'too big to fail'. But none of this happened. There are still such companies. The complex of rules is still too lax. And the bolder rules that are currently in planning are still in the distant future. You need only look to Greece, where two of the country's three major banks - Alpha Bank and EFG Eurobank - have just merged. This means that two big institutions with big problems have now turned into one single institution with even bigger problems."

Gazeta Wyborcza - Poland | 07/07/2011

Downgrade hinders euro rescue

By downgrading Portugal's credit rating to junk status, the rating agency Moody's has acted in the same irresponsible way as many other credit assessors in the past, explains Piotr Kuczyński, chief analyst at the Polish investment house Xelion Doradcy Finansowi in the liberal daily Gazeta Wyborcza: "The rating agencies are hindering the rescue of the Eurozone. One must bear in mind that their ratings for many funds, banks and other financial institutions are a kind of quality certificate. Some funds (for example the pension funds) can't even become active if they have a low rating. So when the agencies downgrade certain assets there is immediately a massive increase in the supply of those assets. That in turn lowers their price drastically. And then only those investors who bet on a reduction of the value of the assets in question are happy."

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