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France loses AAA rating

  • 13-01-2012 08:36PM
    #1
    Morlar
    Closed Accounts Posts: 9,273 ✭✭✭


    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
    Tagged:


«134

Comments

  • #2
    Agent Smith
    Moderators, Regional East Moderators Posts: 21,505 Mod ✭✭✭✭Agent Smith


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


  • #3
    johngalway
    Closed Accounts Posts: 10,271 ✭✭✭✭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.


  • #4
    Celly Smunt
    Banned (with Prison Access) Posts: 9,463 ✭✭✭Celly Smunt


    Ha.France...


  • #5
    Morlar
    Closed Accounts Posts: 9,273 ✭✭✭Morlar


    Agent Smith wrote: »
    Another thing they surrendered without fighting for.....


    I have a feeling we were the maginot line.


  • #6
    RichieC
    Closed Accounts Posts: 7,331 ✭✭✭RichieC


    Agent Smith wrote: »
    Another thing they surrendered without fighting for.....

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


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  • #7
    Hootanany
    Registered Users, Registered Users 2 Posts: 5,479 ✭✭✭Hootanany


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


  • #8
    mikeyboy
    Closed Accounts Posts: 196 ✭✭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


  • #9
    donvito99
    Registered Users, Registered Users 2 Posts: 5,818 ✭✭✭donvito99


    France loses AAA rating

    Where was the last place they remember having it?


  • #10
    Killer Pigeon
    Closed Accounts Posts: 5,125 ✭✭✭Killer Pigeon


    Agent Smith wrote: »
    Another thing they surrendered without fighting for.....

    *Cough*

    We surrendered first though.


  • #11
    pablomakaveli
    Closed Accounts Posts: 7,752 ✭✭✭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.


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  • #12
    scudzilla
    Registered Users, Registered Users 2 Posts: 12,065 ✭✭✭✭scudzilla


    The White Flag factories will be workin overtime this weekend


  • #13
    Killer Pigeon
    Closed Accounts Posts: 5,125 ✭✭✭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...


  • #14
    ChunkyLover_53
    Closed Accounts Posts: 901 ✭✭✭ChunkyLover_53




    Chowda! Say it Frenchie!...

    Nevair!!!


  • #15
    jc84
    Registered Users, Registered Users 2 Posts: 327 ✭✭jc84


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


  • #16
    dvpower
    Closed Accounts Posts: 9,182 ✭✭✭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.


  • #17
    Killer Pigeon
    Closed Accounts Posts: 5,125 ✭✭✭Killer Pigeon


    ChunkyLover_53 wrote: »
    Chowda! Say it Frenchie!...

    Nevair!!!

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


  • #18
    Jim_Kiy
    Closed Accounts Posts: 482 ✭✭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.


  • #19
    ChunkyLover_53
    Closed Accounts Posts: 901 ✭✭✭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]


  • #20
    cml387
    Registered Users, Registered Users 2, Paid Member Posts: 9,423 ✭✭✭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?


  • #21
    dvpower
    Closed Accounts Posts: 9,182 ✭✭✭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?


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  • #22
    nacho libre
    Registered Users, Registered Users 2 Posts: 18,744 ✭✭✭✭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.


  • #23
    dj jarvis
    Registered Users, Registered Users 2 Posts: 3,485 ✭✭✭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


  • #24
    Toby Take a Bow
    Closed Accounts Posts: 1,732 ✭✭✭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.


  • #25
    dvpower
    Closed Accounts Posts: 9,182 ✭✭✭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?


  • #26
    RonMexico
    Closed Accounts Posts: 2,916 ✭✭✭RonMexico


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


  • #27
    bleg
    Registered Users, Registered Users 2 Posts: 5,847 ✭✭✭bleg


    RonMexico wrote: »
    The whole eurozone and the UK should already be rated as junk.

    Because you say so?


  • #28
    dj jarvis
    Registered Users, Registered Users 2 Posts: 3,485 ✭✭✭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


  • #29
    amacca
    Registered Users, Registered Users 2 Posts: 7,971 ✭✭✭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


  • #30
    RonMexico
    Closed Accounts Posts: 2,916 ✭✭✭RonMexico


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


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  • #31
    bleg
    Registered Users, Registered Users 2 Posts: 5,847 ✭✭✭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.


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