Skip to comments.EU: France 'deplores' Moody's over loss of 'AAA' rating
Posted on 11/20/2012 9:36:42 PM PST by bruinbirdman
France's foreign minister said on Tuesday he "deplored" the decision of Moody's to strip the country of its AAA credit rating but still dismissed the downgrade as irrelevant.
Pierre Moscovici hit back against the US rating agency, claiming France had already taken steps to address many of its concerns. "I take note of this decision, and while I deplore it, it doesn't put into question the force of our economy," he said. "We are in the midst of economic reforms that are without precedence in France, and we have no intention of turning back."
President François Hollande was more resigned: "We must take note [of this], stick to our economic policies, keep on track and understand that we have every interest in improving public finances."
Laurence Parisot, head of France's biggest employer's federation, MEDEF, said "deeper and more decisive reforms" were needed.
France won some support from German finance minister Wolfgang Schauble, who said that, while the downgrade was a "small warning", "one shouldn't over-dramatise this."
But the yield on France's benchmark 10-year bonds rose as traders factored in the extra risk. Angus Campbell, head of market analysis at Capital Spreads, said: "Moody's have reminded us of the perilous
(Excerpt) Read more at telegraph.co.uk ...
Did they fart in their general direction ?
“We are in the midst of economic reforms that are without precedence in France”
Lowering the retirement age and handing out more benefits? Great going, guys.
Should be lowered to junk status.
On a completely related subject, who would everyone recommend for gold/silver bullion/coin investments?
Jus’ bribe Moody to fix the rating, voila!!!
Moody’s better watch out - or it’s going to find itself subject to all kinds of new EU regulations and “oversight”....
A seriously question the entire stupid Moody rating system. How does a bloated, socialist basket case like France earn a triple A rating in the first place? Maybe the French don’t know the secret banker’s handshake.
I hope the French vote in the lambda-carrying students the next election. You’ll hear the protest fart from the French elitists clear to Kansas.