On Friday 13 January, 2012 Standard and Poor's downgraded France's sovereign debt to "AA+" from "AAA" and this post highlights one politicians reaction to the downgrade.
To begin, I must say I don't put much credibility in debt ratings issued by S&P; especially since it gave AAA ratings to so many mortgaged backed securities that failed.
In the Le Figaro.fr article cited below, Socialist candidate for president -- Francois Hollande -- strongly criticizes the Nicholas Sarkozy government. Specifically, Hollande believes the downgrade of France's debt is a condemnation of the policies of the Sarkozy government, not France.
Although Hollande condemns the policies of Sarkozy, he has faith in France's ability to recover.
"For Hollande, it is 'a policy that was downgraded'." Le Figaro.fr 14 January, 2012: online edition French.
Related article:
Alderman, Liz and Rachel Donadio. "Downgrade of Debt Ratings Underscores Europe’s Woes." The New York Times 13 January, 2012: online edition.
To begin, I must say I don't put much credibility in debt ratings issued by S&P; especially since it gave AAA ratings to so many mortgaged backed securities that failed.
In the Le Figaro.fr article cited below, Socialist candidate for president -- Francois Hollande -- strongly criticizes the Nicholas Sarkozy government. Specifically, Hollande believes the downgrade of France's debt is a condemnation of the policies of the Sarkozy government, not France.
Although Hollande condemns the policies of Sarkozy, he has faith in France's ability to recover.
"For Hollande, it is 'a policy that was downgraded'." Le Figaro.fr 14 January, 2012: online edition French.
Related article:
Alderman, Liz and Rachel Donadio. "Downgrade of Debt Ratings Underscores Europe’s Woes." The New York Times 13 January, 2012: online edition.
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