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France Defends Its Credit Rating After Moody’s Warning

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alp227 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 05:01 PM
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France Defends Its Credit Rating After Moody’s Warning
Source: NYT

The European debt crisis hit a troubling new note Tuesday when France had to defend its flawless credit rating — one of the few left among major Western economies — after Moody’s Investors Service warned that it was at risk from the Continent’s widening sovereign debt problems.

“We will do everything to avoid being downgraded,” Finance Minister François Baroin said on French television Tuesday.

Hours earlier, Moody’s had said it might put France’s triple-A rating on watch for a possible downgrade within the next three months if slowing growth and the tab for supporting crisis-hit French and European banks strained the budget.

Moody’s said late Monday that the global financial and economic turmoil was making it more difficult for France to keep its government debt from growing, compared with other triple-A-rated countries. France’s debt was 82.3 percent of gross domestic product last year, a shade less than Germany’s.

The price that France pays to borrow on international financial markets compared with Germany rose on Tuesday to its highest level since the euro was introduced in 1999. Rising borrowing costs are what pushed weaker countries, including Greece, Ireland and Portugal, to seek bailouts.

Read more: http://www.nytimes.com/2011/10/19/business/global/france-defends-its-credit-rating-after-moodys-warning.html
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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 05:15 PM
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1. Next target for the financial terrorists
Why didn't they shut down the fraud factories known as "ratings agencies" immediately after the exposure of the Great Financial Fraud, in 2008?

When you allow criminals to be rewarded, this is what happens. Totally predictable.
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glinda Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Oct-18-11 05:41 PM
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2. +1
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PaulaFarrell Donating Member (840 posts) Send PM | Profile | Ignore Wed Oct-19-11 12:19 AM
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3. They are going after 'socialists' one by one
I have always thought, since Greece was first a target, that this was idealogically-based. I'm not sure whether they're trying to crash the Euro since it became a competitor to the dollar, or they just want to open up healthcare, education and everyuthing else to the private sector. I think it's 'shock doctrine' in action.
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JackRiddler Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Oct-19-11 08:57 AM
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4. The euro is of little concern to them, I believe.
This is about shock doctrine politics as you say: disciplining states to impose austerity on labor (ultimate effect of cutting wages) and to serve the interests of private capital in every way (subsidize corporations, privatize profit and socialize debt and loss). And privatizing everything public to create new (albeit cannabilistic and temporary) profit centers for a capitalism in perpetual crisis.

Again, the ratings agencies are at the center of the great financial fraud. They should have been shut down and the TBTF zombie banks liquidated three years ago. At this point, they're just a blind Godzilla, bigger than ever, destroying everything in its path.
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