Community | January 13, 2012 | 11 comments

FrAAnce loses triple A credit rating!

source: http://www.zerohedge.com/news/here-are-first-official-responses-french-politicians-sp-downgrade

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Just like in the US, where we had our very own Treasury Secretary telling us there is "no risk" the US would get downgraded, about 3 months before America did in fact get downgraded, the cognitive dissonance between reality and fantasy is fully exposed today, this time in Europe. And whereas patriotic chauvinism has its good and bad sides, listening to politicians explain away how the impossible has just happened is always very amusing. Especially when translated by Google. Such as in this case, where we have grabbed the following article from Les Echos and dumped it into the modern version of the babel fish.

Perte du AAA de la France : les premières réact

Overview of the main reactions of political leaders in the decision by Standard & Poor's to degrade a notch note of the long-term debt of France, from AAA to AA +.

Jean-François Roubaud, president of the CGPME: "It is clear that this is not a positive sign and it is not what will improve the morale of our business leaders and the French economy." "Obviously, we will be even more pending regarding investment, hiring, etc.. ". "What I fear, too, is a somewhat greater restriction of credit in the coming months," he said, hoping that "interest rates already take into account for much of this degradation 'expected for several weeks. Patterns needed "tangible signs of improvement" and were already receiving an improvement in their order books in three months, but "the loss of triple A is not going in the right direction."

Jean-Marie Le Guen , PS deputy of Paris: "This is first terrible news for France, our country will pay very heavily the consequences of this decision." "It's a triple setback for Nicolas Sarkozy: failure of his economic policy for 5 years aa led France in this situation," "failure of crisis management" and "social failure". "We are not equal before the crisis," "France is particularly targeted because it has increased its debt by a reckless fiscal laxity that we have repeatedly denounced" (on BFM-TV)....


Continued at:

http://www.zerohedge.com/news/here-are-first-official-responses-french-politicia...
  1. groups:
    Community,   News and Politics,   World Politics,   Business News & Analysis,   2 more
  2. tags:
    France,  Euro collaspe,  Economic Armageddon,  Euro Project
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11 comments // FrAAnce loses triple A credit rating!

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