France loses AAA rating

Morlar

Should we be worried ?

France loses AAA rating
13/01/2012 - 19:19:23
France’s finance ministry said tonight that Standard & Poor’s had cut the country’s credit rating by one notch to AA.

France’s loss of its AAA-rating deals a heavy blow to the eurozone’s ability to fight off its debt crisis.

The country is the second-largest contributor to the currency union’s bailout fund.

S&P in December put 15 eurozone countries on creditwatch and other downgrades were expected later tonight.

The cut in France’s creditworthiness could also hurt President Nicolas Sarkozy’s re-election chances.

Read more: http://breakingnews.ie/business/france-loses-aaa-rating-535827.html#ixzz1jMvG9zwB

Agent Smith

Another thing they surrendered without fighting for.....

johngalway

Morlar wrote: »

Should we be worried ?

There's one silver lining anyway:

The cut in France’s creditworthiness could also hurt President Nicolas Sarkozy’s re-election chances.

Celly Smunt

Ha.France...

Morlar

Agent Smith wrote: »

Another thing they surrendered without fighting for.....

I have a feeling we were the maginot line.

RichieC

Agent Smith wrote: »

Another thing they surrendered without fighting for.....

Haha yea... Cause they surrendered to the nazis... Brilliant!

Hootanany

Im not going to google that i think its not real the maggot line thingy

mikeyboy

Yes we should be worried because the "markets" react with blind panic to any downgrade by the ratings agencies. This will make it even more difficult for the Euro zone to recover. If there is a further downgrade of the core economies then we may well face the scenario outlined by Steven Barrow of Standard bank after the last summit designed to solve the crisis in December

We do not believe that the summit has failed in the sense that leaders have come away without any agreement whatsoever, leaving S&P no choice but to downgrade the whole region and the markets no choice but to pummel euro zone bonds and the euro into the dust.

Source BBC

donvito99

France loses AAA rating

Where was the last place they remember having it?

Killer Pigeon

Agent Smith wrote: »

Another thing they surrendered without fighting for.....

*Cough*

We surrendered first though.

pablomakaveli

I always find it worrying that groups like S & P and Moodys have such an influence on the markets especially if they could be motivated by their own gain.

scudzilla

The White Flag factories will be workin overtime this weekend

Killer Pigeon

pablomakaveli wrote: »

I always find it worrying that groups like S & P and Moodys have such an influence on the markets especially if they could be motivated by their own gain.

Yeah, who gave them the authority...

ChunkyLover_53

Chowda! Say it Frenchie!...

Nevair!!!

jc84

i'm actually laughing at this, not nice but sarkozy deserves it

dvpower

Killer Pigeon wrote: »

Yeah, who gave them the authority...

They have no authority at all. Bond purchacers are under no obligation whatsoever to take account of what they say. It just so happens that many people do trust the word of the rating agencies over the word of the Governments who bonds they rate.

Killer Pigeon

ChunkyLover_53 wrote: »

Chowda! Say it Frenchie!...

Nevair!!!

In the actual script, I don't believe the French waiter ever said "Nevair".

Jim_Kiy

Most eu countries will get downgraded in the coming recession..its not a huge shock as France's AAA has being under considerable pressure giving the state of their banks.When Germany and the US get downgraded then its time to Panic.I'd say a 6-9 month recession in the EU and a few EU treaties voted thru by fear later we will be grand.

ChunkyLover_53

Killer Pigeon wrote: »

In the actual script, I don't believe the French waiter ever said "Nevair".

He did in the bit about the assault not the actual 'Chowda' scene.

Quimby follows him out and they say it there. I think, I've had a lot of booze since I last saw it.

Edit: Can't find vid but found script, God bless internets.

Bart: Well, I was hiding in the kitchen when it all happened.
[flashback]
Freddy: Say it, Frenchy! Say "chowder"!
Waiter: Never!
Freddy: OK, you asked for it. I'm going to enjoy this!
[grunts, pops the cork off some champagne, chugs it]
Waiter: Hah. [slips on floor, bangs head on four frying pans, breaks
glass, hand lands in blender, then in toaster, then head falls
in oven, boiling water is spilled on his back, then into broom
closet where rat traps snap closed all over him, then beaks more
glass and falls over]
[back to reality]
Bart: And that's what really happened.
Waiter: This is an outrage! I am not a clumsy Clouseau-esque waiter. I
will --
[trips on chair, falls out window into truck containing rat
traps]

cml387

Does anyone remember "triple a Golden maverick" as an advertisement for some cattle feed?
"If there's one ting dat riles me more dan a man kickin' my mule"

No?

dvpower

Jim_Kiy wrote: »

I'd say a 6-9 month recession in the EU and a few EU treaties voted thru by fear later we will be grand.

And the European Championship.... Spain?

nacho libre

This move was predicted a couple of weeks. It's amazing how everyone seems to hang on the every word of these rating agencies, considering they are the very same organizations that helped caused the economic crash in the first place. If you are in doubt about their culpability, please watch the excellent documentary Inside Job.

dj jarvis

so thierry Henry, still dont believe in karma ?
that will teach ya's - and god forbid they will have to work a 40 hour week :eek:

all joking aside this is NOT good news on the financial front - but now that the french are starting to feel the heat MAYBE they will get their fingers out of their collective arses and actually do something helpful for all of Europe and not just France

mind you - euro at its lowest level against the dollar and sterling wont harm our export led recovery :eek: , i think they got that phrase from the same guy that came up with the ever classic " soft landing " line

Toby Take a Bow

Agent Smith wrote: »

Another thing they surrendered without fighting for.....

This often confuses me. France surrenders once in two world wars, while Germany surrenders twice, but France gets the surrender-monkeys tag. Very confusing.

dvpower

cml387 wrote: »

Does anyone remember "triple a Golden maverick" as an advertisement for some cattle feed?
"If there's one ting dat riles me more dan a man kickin' my mule"

No?

Sarcoptic mange mites. Different thing?

RonMexico

The whole eurozone and the UK should already be rated as junk.

bleg

RonMexico wrote: »

The whole eurozone and the UK should already be rated as junk.

Because you say so?

dj jarvis

Toby Take a Bow wrote: »

This often confuses me. France surrenders once in two world wars, while Germany surrenders twice, but France gets the surrender-monkeys tag. Very confusing.

Germany surrendered twice after being knocked into the stone age by the WORLD after 4 and 5 years respectively

France surrendered after 8 weeks - to one army, a lot smaller than the french army
they had more tanks and at the start of the war the french tanks were much better than the german mark III and IV

that is why they are called surrender monkeys

amacca

Toby Take a Bow wrote: »

This often confuses me. France surrenders once in two world wars, while Germany surrenders twice, but France gets the surrender-monkeys tag. Very confusing.

the frencies werent gung ho enough at the start

no shame in surrendering after you've gone psycho at the start (+they never had cool stuff like stuka dive bombers and panzer tanks and blitzkrieg)

the psycho who picks a fight and gets pounded and gives up is still feared and not ridiculed because he/she is unpredictable and a little bit off

germany is the country equivalent of this

RonMexico

No because they debt levels across the Eurozone & The UK are astronomical.

bleg

RonMexico wrote: »

No because they debt levels across the Eurozone & The UK are astronomical.

They're astronomical pretty much everywhere. Australians now have the same amount of debt per capita as the US did in 2007 before the collapse.

Toby Take a Bow

dj jarvis wrote: »

Germany surrendered twice after being knocked into the stone age by the WORLD after 4 and 5 years respectively

France surrendered after 8 weeks - to one army, a lot smaller than the french army
they had more tanks and at the start of the war the french tanks were much better than the german mark III and IV

that is why they are called surrender monkeys

I read that the French army - despite being larger and better equipped - were being led by a bunch of WWI generals who had no idea how war had changed in the meantime (thinking that it would be trench warfare) and that's how they were so heavily defeated in such a short space of time. The same applied to Britain (but they could take refuge on an island until other people won the war) and Russia (who were also thoroughly unprepared, but because it's so fcuking huge they - eventually - copped on and started to fight back the onslaught just in time).

sgb

This is some thing the ordinary person has no control over, so to answer the original question don't worry about

hmmm

DOW is down half of one percent. Yeah, let's all be worried.

Doc Ruby

Toby Take a Bow wrote: »

This often confuses me. France surrenders once in two world wars, while Germany surrenders twice, but France gets the surrender-monkeys tag. Very confusing.

Its always very amusing to hear people speaking Franco-German mocking the French or the Germans, especially if they come from that big French colony off our east coast.

RonMexico

RonMexico wrote: »

No because they debt levels across the Eurozone & The UK are astronomical.

Plus the five hundred thousand million Euro that was "printed" just before Christmas will all be expected to be repaid by the banks that borrowed it, many of these banks being French!

The debts just continue to get bigger and bigger! The ECB have given up and will just now print to inflate the debts away, soon you'll be able to pay your mortgage with a few postage stamps.

JONJO THE MISER

Take that ye frogs. Now where did i put my champagne.

JONJO THE MISER

JONJO THE MISER wrote: »

Take that ye frogs. Now where did i put my champagne.

In an ice bucket in the first class lounge on the Titanic!

Unfortunately, we're all in the same boat! :eek:

AngryBollix

It was only a matter of time before the sh1t hit the fan in france (and shortly) the U.K.

If it gains a strong foothold here then we are in real trouble

Mike 1972

Isint this the same (Bog)Standard and (P1$$)poor who gave AAA ratings to all those dodgy subprime lenders back in the day ?

Why are these rating agencies still in business ? Surely financial advice from the community of drunkards on Dublin bus is more credible than anythng these clowns come out with ?

Logical Fallacy

pablomakaveli wrote: »

I always find it worrying that groups like S & P and Moodys have such an influence on the markets especially if they could be motivated by their own gain.

Same here. It's almost like they have a vested interest in the Eurozone collapse they way they time these announcements to coincide with bits of good news that might filter out.

Run_to_da_hills

Time to kill this EUSSR.

KINGVictor

Logical Fallacy wrote: »

Same here. It's almost like they have a vested interest in the Eurozone collapse they way they time these announcements to coincide with bits of good news that might filter out.

I didnt hear that same level of cynicism when they downgraded USA's credit rating some months back.

ejmaztec

Deleted User wrote: »

In an ice bucket in the first class lounge on the Titanic!

Unfortunately, we're all in the same boat! :eek:

I've booked a place on the iceberg.

fran17

about time sarkozy started looking after his own backyard before trying to tell others how to manage there's me thinks

Mike 1972

Toby Take a Bow wrote: »

This often confuses me. France surrenders once in two world wars, while Germany surrenders twice, but France gets the surrender-monkeys tag.

Awarded by the folks who only showed up at half time (US) or didnt show up at all (Ireland) ?

ejmaztec

Sarkozy and Merkel have been pissing around for months, instead of getting down to solving the Eurozone problem. The downgrade is self-inflicted as a result of the fiddling and farting around that's been going on.

ejmaztec

Mike 1972 wrote: »

Awarded by the folks who only showed up at half time (US) or didnt show up at all (Ireland) ?

Someone once said that the Americans, conscious of the fact that they were late for the first two world wars, would make certain that they were on time for the third one.

oppenheimer1

The thing is, the euro crisis starts to quieten down, bond yields start to fall. Then up pop the ratings agencies with a downgrade.

Is this now the third or fourth time this has happened?

Rating agencies are sowing the seeds of their own demise. The more they push governments, the more their resolve will be to destroy them.

KINGVictor

oppenheimer1 wrote: »

The thing is, the euro crisis starts to quieten down, bond yields start to fall. Then up pop the ratings agencies with a downgrade.

Is this now the third or fourth time this has happened?

Rating agencies are sowing the seeds of their own demise. The more they push governments, the more their resolve will be to destroy them.

Really? Or an opportunity to face reality and address pertinent issues:rolleyes:. Forget the emotional attachment- the Eurozone did not go beserk after S&P ( a US based rating agency btw) downgraded the USA a few months ago....

oppenheimer1

KINGVictor wrote: »

Really? Or an opportunity to face reality and address pertinent issues:rolleyes:. Forget the emotional attachment- the Eurozone did not go beserk after S&P ( a US based rating agency btw) downgraded the USA a few months ago....

I do not think it should be the ratings agencies dictating the pace of the changes we are required to make.

The confidence would come back to people (and remember people are the markets) if they weren't constantly rocked by bad news as soon as things start to quieten down.