The Telegraph's Jeremy Warner explains why the S & P downgrade is so dangerous to the French economy

 

Comments

[It doesn't add up...]

The Chinese downgraded France back in early December:

http://www.dagongcredit.com/dagongweb/english/pr/show.php?id=158&table=web_e_zxzx

[Andrew Smith]

I am beginning to believe that the political class did not even understand the objections to the Euro when the matter was argued about all those years ago. I had assumed before that they knew well enough but thought they could achieve political union in time, but after the single currency came about.

As I say, it now appears to me they did not understand any more than Kenneth Clarke understood the Maastricht Treaty which he supported despite admitting he had not read it.

[boudicca]

Not one penny more should the UK taxpayer contribute to propping up the Euro - whether directly or via the IMF.

France and Germany wanted the single currency and 17 countries joined the Eurozone. Let them pay for it.

[Paris Claims]

If governments stopped wasting money they wouldn't need to borrow any. The PSBR should be consigned to the dustbin of history.

[Allan]

Would this be the same Standard & Poor ratings agency that gave Lehman Brothers a clean bill of health?

Hmm...not sure we should take their view so seriously, especially as S&P seem to have European problems of their own:

http://www.businessweek.com/news/2011-12-01/s-p-loses-german-appeals-court-ruling-over-lehman-ratings.html