Loss of triple A rating could still spell trouble for French economy
The immediate consequences of Frances’s debt ratings downgrade from triple A have not, as some predicted, been the ‘end of the world’. But, without fundamental reform of France’s political and social system, the implications for the mid and long term could yet prove costly to the country’s future prospects.
WHEN a message was sent out in November, 2011, by Standard and Poor’s to some of its subscribers, saying that it had downgraded France’s sovereign debt rating from its triple A status, the rating agency was quick to dismiss it as a mistake, an error in the system.
A few months later, on January 13, 2012, the same agency di...
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