Downgrade of France: another blow for … – Les Echos

Judged unfairly by the government, the downgrade of France by Standard & Poor’s does not, politically, business Hollande and Jean-Marc Ayrault, mired in unpopularity and plagued by rising social tensions. The head of state immediately defended his “strategy” and “cap”

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François Hollande had the habit of repeating that he “baraka” , this “Mr. 3%” (in the polls) who had returned so far to win the presidential election. But since he is at the Elysée, the mechanics is as stopped. “When it does not, it does not mean” now sigh relatives, one of them swearing that “… it should subside between 24 and 31 December “. “Law of series” thus continued Friday morning with the new downgrade of France by Standard & Poor’s – for the second time in less than two years. Politically, as Nicolas Sarkozy before him is politically a blow to the head of state. One more.

itemprop=”articleBody”> While the executive has made the control of public finances its guideline, to the chagrin of some of the majority, the rating agency indeed found that “the fiscal space of France was reduced” . And stated that the government’s economic policy had not “significantly reduces the risk that the unemployment rate remains above 10% until 2016″ , still casting a shadow greater on the promise of sustainable inflection of the curve of unemployment. What darken a little more, in the opinion, the climate of mistrust of a head of state that is already breaking records of unpopularity (25% confidence only in the last barometer CSA “Les Echos “).

” The only policy ‘

Proof that the shot is not taken lightly, the executive is multiplied Friday morning to minimize the decision by Standard & Poor’s. And cut short any calls for a change in policy. “I will confirm the strategy of ours, the cap is mine” , warned this morning François Hollande. “This policy is based on the reforms that have already been initiated, which will continue, is the only way to ensure credibility” of the economic policy of France, has he explained . During a meeting with the major financial institutions, this afternoon, he recalled “three axes fixed to ensure social cohesion and ensure the credibility of the French economy” to “as much as possible to reduce budget deficits savings, without compromising the French model” ; “improve” French competitiveness and “fight” against unemployment.

itemprop=”articleBody”> The rating of the French debt remains “one of the best in the world” , has tried to reassure Jean-Marc Ayrault, told France Bleu Provence during a trip to Marseille (displacement also may be largely hidden). The Prime Minister stressed that the agency had “ignored all reforms” in its analysis, such that, in adoption, pensions. “A good reform” , has he argued, adding that others, like “labor market reform” and the establishment of the Bank Public investment “just beginning to produce their effects” .

Cope called Holland to “take responsibility”

Pierre Moscovici, is, he immediately cracked a communiqué denouncing “critical judgments and inaccurate” carried by Standard and Poor’s and insist on “sweeping reforms to revive the country’s economy, public finances and competitiveness” implemented for 18 months. CRAs have “no credibility” behavior seen during the financial crisis, decided the Minister of Productive Recovery Arnaud Montebourg, while the right rushed into the breach. “This degradation gives an international echo the ras-le-bol of the French” , has blasted Jean-Francois Cope, president of the UMP, calling – as François Fillon – the head of state “take responsibility (…) face severe accumulation of red flags” . “Thanks to François Hollande, France is no longer a middle power in Europe” , denounced the UMP MEP Philippe Juvin.

The itemprop=”articleBody”> political tug today actually looks deceptively, upside down, to those who had followed the loss of the triple A in January 2012. “In the bottom of things, it does not change nothing “, had emphasized Nicolas Sarkozy. “France is a safe country” , François Fillon insisted. Jean-Marc Ayrault, at the time leader of PS deputies, had seen new evidence “decline in France” . As for François Hollande, he described the degradation “serious” , concluding “We are no longer in first division” . However, he added that he “never made CRAs the ultimate reference for judging the policies pursued by the States” .

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itemprop=”articleBody”> OUR FILE France facing further deterioration

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