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EU: France 'deplores' Moody's over loss of 'AAA' rating
The Telegraph ^ | 11/20/2012 | Louise Armitstead

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 ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS:

1 posted on 11/20/2012 9:36:48 PM PST by bruinbirdman
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To: bruinbirdman

Did they fart in their general direction ?


2 posted on 11/20/2012 9:41:32 PM PST by Lurkina.n.Learnin (Superciliousness is the essence of Obama)
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To: bruinbirdman

“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.


3 posted on 11/20/2012 9:45:05 PM PST by Viennacon
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To: bruinbirdman

Should be lowered to junk status.


4 posted on 11/20/2012 9:54:54 PM PST by fieldmarshaldj (Resist We Much)
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To: All

On a completely related subject, who would everyone recommend for gold/silver bullion/coin investments?


5 posted on 11/20/2012 10:12:36 PM PST by mykroar (BAD-ANON: One Game At A Time)
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To: Cincinna

Gallic ping.


6 posted on 11/20/2012 10:14:56 PM PST by Army Air Corps (Four Fried Chickens and a Coke)
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To: bruinbirdman
(Thank you, tumblr.com.)
7 posted on 11/20/2012 10:57:07 PM PST by Eye of Newt (What life, what liberty do Americans have, without sovereignty?)
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To: bruinbirdman
What have we here? French fried ratings?? What an unmitigated shame!!!

gitmos

8 posted on 11/20/2012 10:59:51 PM PST by SierraWasp (Welcome to the next 50 months of an unprecedebted lame duck session!!!)
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To: bruinbirdman

Jus’ bribe Moody to fix the rating, voila!!!


9 posted on 11/20/2012 11:48:30 PM PST by Leo Carpathian (FReeeeepissed)
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To: mykroar
Take physical possession of at least half of it. If you want to keep some in a private vault then I highly recommend BullionVault
10 posted on 11/21/2012 12:43:36 AM PST by agere_contra ("Government creates nothing" - Romney, 2012)
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To: bruinbirdman

Moody’s better watch out - or it’s going to find itself subject to all kinds of new EU regulations and “oversight”....


11 posted on 11/21/2012 1:01:13 AM PST by Tzimisce (What do you do when every level and every branch of the government is corrupt and aligned against yo)
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To: bruinbirdman

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.


12 posted on 11/21/2012 6:44:55 AM PST by sergeantdave (The FBI has declared war on the Marine Corps)
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