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Rating agency Moody's removed France from its top-ranking triple A rating. The downgrade came only days after President Francois Hollande had made a genuine policy 'U-turn' to restore the country's competitiveness. But the downgrades could accelerate if France cannot reform itself seriously and its financing abilities could become more problematic.
Dr. Emmanuel Martin
French President Nicolas Sarkozy finally threw his hat into the ring for the April presidential election as most figures spelled out bad news for the economy, job losses and unemployment. Ratings agency Moody's gave France a negative outlook in the mid-term and figures showed a huge trade deficit for 2011 even though the economy grew by 1.7 per cent.