Downgrade of France’s triple A three losses – Echoes

<- /data/www/lesechos/import/prod/archives/fluxxml//2014/0919/flux_import/info_flux/0203782714510.xml -> <- MI here ->

Photo Shutterstock

<- 1: PHO -> <- MI here ->

In two years, France lost its triple A three, restarting each time the debate on the economic health of the country

<- MI here ->

In January 2012, President Nicolas Sarkozy has been heavily criticized for losing the first triple A – Photo AFP Anne-Christine Poujoulat

January 13, 2012 Standard & amp; Poor’s gets the ball rolling in the France degrading from AAA to AA + with a negative outlook Nine. European countries have deteriorated in all, including Spain, Italy, Portugal, Germany retained its triple A. The decision by S & amp;. P is primarily driven by the “ failure ‘of responses to the crisis by European leaders

The agency . “ The political environment in the euro area has not been at the height of the growing challenges posed by the crisis “(Press Release S & amp; P)

Analysts : The deteriorating rating of France will be consequences “ a worst degradation for the entire euro zone, because of growing political disputes that this will involve, ongoing discussions on the amount of firewall and the ‘investor concern “(Economists Royal Bank of Scotland)

Politicians .” This is a political [Nicolas Sarkozy, note] which was downgraded, not France , “said Francois Hollande, then Socialist presidential candidate. “ This decision constitutes an alert which should not be dramatized any more than it should be underestimated ,” cautions François Fillon, Prime Minister. “ This is the end of the myth of the protecting president [Nicolas Sarkozy to] ‘, for his part said Jean-Marie Le Pen.

Meanwhile, the presidential campaign:

“ This is not me who lost the triple A “Assen Hollande Nicolas Sarkozy to

. <- sdvenc ->

<- / sdvenc -> <- MI here ->

As budget minister, Jerome Cahuzac said that the loss of the triple A second is” no consequences “for the market – Photo AFP Eric Feferberg

<- 1: PHO ->

November 19, 2012 This time, it’s Francois Hollande, became president. undergoing punishment Moody’s: loss of triple A. Note France goes to Aa1 with a negative outlook Three reasons:. loss of competitiveness, uncertain fiscal outlook and exposure to future shocks in the euro area. The agency estimates that France in particular is exposed in a “ disproportionate ” in Italy and Spain.

The agency “ The past record of governments for twenty years on the effective implementation of the measures is poor ” Moody’s

Analysts “ The real effect of this degradation is that it focuses more attention on investors the French macroeconomics: France has the most room for error , “says Gilles Moec, still co-head of European economic research at Deutsche Bank

Politicians : This decision is “ without any impact on the financial obligations of France against investors who trust him. It does not change our determination to redress public finances , “according to Jerome Cahuzac, then budget minister. “ J ‘wish it welcomes more courageous reforms announced ,” lamented Pierre Moscovici, the finance minister at the time.

November 21, 2012 in Les Echos:

<- MI here ->

The loss of the AAA is the third” a new signal alarm for Francois Hollande, “according to Jean-Francois Cope, then president of the UMP – Photo AFP Patrick Kovarik

<- 1: PHO ->

July 12, 2013 . Fitch decides to turn the French triple-A is not deserved. Agency passed the country’s rating from AAA to AA +, with a stable outlook. L The agency is concerned about the debt of the state, the jump in unemployment and sluggish growth nevertheless the will of government reforms She acknowledges the decision of Fitch longer shock.. market operators In particular, no longer regard French debt as “ Premium ” for the degradation of other agencies.

The agency “ Due to the debt [French] persistently high, the flexibility to absorb new shocks will be reduced , “Fitch

Analysts ” degradation by Fitch? Completely off topic , “Erik Nielsen, chief economist at UniCredit [about the delay compared to other agencies, note]

Politicians “ The French debt is among the safest and most liquid in the euro area, benefiting from historically low rates, proof of the confidence of investors reaffirmed ,” said Pierre Moscovici, then Minister of Finance. Punishment Fitch is a “ new alarm signal for Francois Hollande ,” according to Jean-Francois Cope, then president of the UMP.

Folder prepared by Jade Grandin Eprevier the