Moody's downgrades France's

[itsnotoutthere]

Moody's credit rating agency has stripped France of its coveted AAA rating and declared that the country's economic outlook remains "negative".

In what will be a severe blow to Socialist president François Hollande, the agency said it was reducing the country's rating from AAA to AA1, claiming France's ability for economic growth was being hampered by "structural challenges" including its lack of competitiveness, high unemployment, public debt and market rigidity.

It came as France was reeling from a damning Economist article entitled "The time-bomb at the heart of Europe". The special report warned that the parlous state of the French economy, its rising unemployment, lack of competitiveness, dwindling industry and high public spending, could overshadow the problems of Greece or Spain, and sparked angry reactions from French ministers.

link :- http://www.guardian....e-credit-rating

Edited November 20, 2012 by itsnotoutthere

[+and-then]

I wonder when Western civilization began to listen to banks more than our ideals? Has it always been this way?

[smurf0852]

well i think a country should tell a bank to go **** off to be honest .the people need to get the power back from these parasites and start running our societys for people not money.

[A rather obscure Bassoon]

name='smurf0852' timestamp='1353457091' post='4549590']

well i think a country should tell a bank to go **** off to be honest .the people need to get the power back from these parasites and start running our societys for people not money.

[/b]

Ironically,it was the banks that created this mess in the first place..

[Likely Guy]

Moody's downgrades France.

On a brighter note; http://www.marketwatch.com/story/aussie-canada-dollars-termed-reserve-currencies-2012-11-19

[Little Fish]

I wonder when Western civilization began to listen to banks more than our ideals? Has it always been this way?

yes, its always been that way.

the difference today is that you have the uncontrolled internet, and more people are becoming aware of how the world works. the proof has been buried in difficult to read books for a long time. the two party political system was developed and fostered as a means of controlling the people. don't look at things as left and right politically, they both serve the same master. the true dialectic is up and down. you only ever vote parties out because you get tired of them, this resets dissent for another 4 years. the solution is simple, seize the privately controlled central banks and divert their skimming and scamming back into the public purse.

[questionmark]

I wonder when Western civilization began to listen to banks more than our ideals? Has it always been this way?

At least since the days of the Hanseatic League when rulers became more and more dependent on loans from merchants.

[stevewinn]

well this is the stress test, with the Eurozone back in recession this is a test France cannot afford to fail. the signs in europe point to the fact the european situation is now affecting both french and german economies. so much so cracks are starting to appear in the pairs relationship. France is the Germans biggest export market, if the french economy starts sinking, germany wont be far behind. but germany being germany and the image of the 30's wheelbarrows of money is etched firmly in their minds will they allow this to happen, could they stop it? the germans are so worried -

(Reuters) - German Finance Minister Wolfgang Schaeuble has asked a panel of advisers to look into reform proposals for France, concerned that weakness in the euro zone's second largest economy could come back to haunt Germany and the broader currency bloc.

Schaeuble's request denotes growing concern in Berlin and among private economists over the health of the French economy, which is set to miss a European Union goal for reducing its public deficit next year. "Concerns are growing given the lack of action of the French government in labour market reforms," Lars Feld, an economist who sits on the panel, told Reuters. Although Schaeuble raised the prospect of a report on France with members of the council this week, Feld and the finance ministry made clear that the government had not submitted a formal request. The ministry declined comment on the minister's "unofficial discussions" in general. French President Francois Hollande's office declined to comment.

However, the panel has made clear it is concerned about France's economy. In its Wednesday report it touched on France, saying continued stagnation was a growing worry given the recessionary trends in the euro zone as a whole and voiced doubts that Savings measures would suffice to consolidate the French budget.

"The biggest problem at the moment in the euro zone is no longer Greece, Spain or Italy instead it is France, because it has not undertaken anything in order to truly re-establish its competitiveness, and is even heading in the opposite direction,"

ITS now time - the writing is on the wall, the Eurozone is going to collapse. its past the point of being sustainable, Greece can no longer pay back its loans, and the only option is to default - if they do this then it will cost the rest of the Eurozone members billions through subsidies and their in no financial state to take the hit.