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PostPosted: Sat Nov 19, 2011 4:48 pm    Post subject: FRANCE NEWS  Reply with quote

           Watch France

France's far-right candidate pushes exit from euro
November 19, 2011  
The head of a French far-right party who is running for president has unveiled her vision for the country, including an exit from the euro and a tightening of border controls.
As she spoke to hundreds of cheering supporters in Paris on Saturday, Marine Le Pen remained vague on the details of her plan, trotting out instead the traditional promises of her Front National party: a preservation of family values, the fight against immigration and a rejection of globalization.

She was particularly vague about her economic policies — saying only that she would reveal her "plan for vigor" in January.
Le Pen, who inherited the leadership of the Front National from her father, has said she wants to broaden appeal for her party, known for its anti-immigration, anti-Islam views.

French rating at risk if crisis worsens
23 November 2011  London (MarketWatch)
Fitch Ratings said on Wednesday that France's triple-A credit rating would be at risk if a further intensification of the euro-zone crisis resulted in a much sharper economic downturn in France and a material increase in the risk of contingent liabilities.

The ratings company also said that additional consolidation measures are likely to be necessary for France to achieve its 3% of gross domestic product deficit target by 2013, with Fitch projecting the deficit in 2013 to be around 4% of GDP.

On the positive side, Fitch said that France's triple-A status is "underpinned by a high-value added and diverse economy, broad and stable tax base and its commitment to deficit reduction and stabilising, and eventually reducing, public debt."

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PostPosted: Thu Nov 24, 2011 10:32 am    Post subject: Reply with quote

Rating agencies prepare groundwork for new series of cuts

24 November 2011  London (ShareCast)
On wednesday, ratings agency Fitch reiterated its triple-A rating for France with a stable outlook.
However, it warned that ratings were at risk of a downgrade in France as well as the Eurozone in general.
The ratings agency explained that France absorbed most of the margin available to withstand adverse market situations without risking a rating downgrade.

Similarly, Fitch's rival, Standard & Poor's (S&P), warned that sovereign debt ratings in the region could be at risk if large parts of the currency bloc moved back into recession, something the market is beginning to discount.
"The financial dynamics unleashed by the ongoing confidence crisis, in Standard & Poor's view, have heightened the risk of renewed recession in a
growing number of eurozone members that potentially could put additional downward pressure on (the) euro area's sovereign ratings," S&P stated.

Standard & Poor's maintains that with so much at stake, one would expect "some accommodation can be found between eurozone monetary authorities and national policy makers that balances substantive government policy actions with more aggressive steps by the ECB to counter a renewed economic downturn." S.C.

France and Germany to propose changing EU treaties

November 24, 2011   STRASBOURG, France (AP)
President Nicolas Sarkozy appeared to temper his calls for the European Central Bank to play a bigger role in solving Europe's debt crisis as he agreed to a German effort to unite the troubled 17-nation eurozone more closely.
Speaking after meeting with German Chancellor Angela Merkel and Italian Premier Mario Monti on Thursday, Sarkozy said "propositions for the modification of treaties" would be presented in the coming days.

He wouldn't elaborate on what these changes may be but said they would be ready in time for the next EU leaders summit on December 9. Treaty changes are a notoriously laborious endeavor, requiring the agreement of all 27 EU nations, including non-euro countries such as Britain and Poland.

Merkel said the treaty changes would "make clear that we must take steps toward a fiscal union to express the conviction that we know policies must be more closely coordinated if you have a common, stable currency."
"It is political confidence in Europe that has been lost — we can only win it back politically," Merkel said.

This was the first meeting of the three leaders since Monti took over last week following mounting market concerns over Italy's huge debt, which
stand at euro1.9 trillion ($2.6 trillion), or a huge 120 percent of economic output.
Europe's current anti-crisis measures are too not big enough to deal with Italy's debt mountain.
Sarkozy said the three leaders had agreed to meet again "very soon" in Rome at Monti's invitation to continue their three-way dialogue.
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PostPosted: Wed Dec 07, 2011 10:19 am    Post subject: Reply with quote

Sarkozy: Austerity alone will lead to recession
1 December 2011, by Christopher Noble - San Francisco (MarketWatch)
French President Nicolas Sarkozy said Thursday that using austerity alone to solve the economic crisis afflicting France and the rest of
Europe would lead to recession and possibly even depression

He said such an approach would make the French people pay nearly the whole cost of trying to recover from the crisis.
"It would end in recession or depression," Sarkozy said in a speech in the southern French city of Toulon.
Sarkozy said that cuts and economic reform were necessary but were only part of what were needed to help Europe emerge from its sovereign debt crisis.

Economists see France losing AAA in 3 months
December  6,  2011   PARIS (Reuters)
France will lose its AAA credit rating early next year regardless of last-ditch efforts by President Nicolas Sarkozy to resolve the euro zone crisis at an EU summit this week, a Reuters poll of economists showed on Wednesday.
The snap survey of 13 economists found that 11 of them think France will be downgraded by one of the major ratings agencies within the next three months.

The only question, following this week's blanket euro zone credit warning by Standard & Poor's, is whether France will be cut by one notch to AA+ or by two to a straight AA.
"If you apply Standard and Poor's methodology based on quantitative factors, France should already have a AA rating, as should the U.S. and Britain," said Jean-Christophe Caffet, economist at investment bank Natixis.
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PostPosted: Sat Dec 17, 2011 10:43 am    Post subject: Reply with quote

Fitch Revises French Outlook To Negative
16 December 2011  Zero Hedge
We spoke to soon: it appears suicide is painless after all, as Fitch just changed the French outlook to negative.
The punchline: "The Negative Outlook indicates a slightly greater than 50% chance of a downgrade over a two-year horizon."
As for the line that will finally shut up France in its diplomatic spat with the UK:
"Relative to other 'AAA' Euro Area Member States, France is in Fitch's judgement the most exposed to a further intensification of the crisis."
And now, the market shifts its attention to non-French rating agencies, who will downgrade France in a "slightly" shorter timeframe... more like 2 hours according to some rumors.
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PostPosted: Mon Dec 19, 2011 6:03 am    Post subject: Reply with quote

French expect S&P credit downgrade may create panic in the financial markets
December  19,  2011

Last edited by CJ on Sun May 06, 2012 1:44 pm; edited 1 time in total
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PostPosted: Sun Dec 25, 2011 11:52 pm    Post subject: Reply with quote

France seen slipping into recession in 2012 - Analysts expect the country’s credit rating will be cut
16 December 2011  London (MarketWatch)
France’s economy will likely slip into recession in 2012, as falling confidence and political uncertainty plague the euro-zone nation, according to its statistics institute.

France revises down third quarter GDP growth
23 December 2011, by Louise Armitstead (The Telegraph)

The turmoil of the eurozone crisis hit the French economy harder than first thought forcing a revision of the country’s third quarter growth figures down to 0.3% from 0.4%.
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PostPosted: Fri Jan 13, 2012 10:59 am    Post subject: Reply with quote

USA Stocks Tumble on France Downgrade Report January 13, 2012
Stocks extended their losses Friday following a report that S&P downgraded France's credit rating.
And more euro zone countries may be on the downgrade list.
France Downgraded by S&P, Losing AAA Status
Standard & Poor's ratings agency has downgraded France's credit rating

Eurozone nations set for S&P downgrade
January 13, 2012  Eurozone governments are bracing for new debt-crisis turbulence after ratings agency Standard & Poor’s told them it would downgrade two of the eurozone’s six triple A nations.
France and Austria are set to be downgraded.
This leaves Germany as the only large triple-A country.
The move comes after S&P warned the six triple A nations and nine others in the eurozone that it had put their creditworthiness on review as a result of the debt crisis and the worsening economic outlook.

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PostPosted: Mon Jan 16, 2012 5:16 pm    Post subject: Reply with quote

France urges Europe to battle 'unprecedented' crisis
1/16/12  Europe faces an "unprecedented" crisis and must rediscover growth, French President Nicolas Sarkozy warned Monday, even as markets shrugged off a credit-rating blow to much of the region.
European Central Bank chief Mario Draghi also warned the eurozone was "in a very grave state of affairs" and urged reducing reliance on ratings agencies.

Sarkozy, the first foreign leader to meet with Spain's new conservative Prime Minister Mariano Rajoy, said the eurozone must improve competitiveness to boost growth as well as simply slashing spending.
"We are confronted by an unprecedented crisis that forces us to cut spending, lower our deficits but also to find the path to new growth by resolving our competitiveness problems," Sarkozy said.

Moody's: France triple-A rating under pressure
16 January 2012 Madrid (MarketWatch)
The stability of France's triple-A debt rating is under growing risk from levels of debt and problems elsewhere in the euro zone, said Moody's Investors Service in a statement on Monday.
France was downgraded by Standard & Poor's last Friday, losing its triple-A rating.

Reiterating its stance on France, Moody's said: "The deterioration in debt metrics and the potential for further contingent liabilities to emerge are exerting pressure on the stable outlook of the French government's Aaa debt rating.

The French government now has less room for maneuver in terms of stretching its balance sheet than it had in 2008."
It added that on the external side, the fiscal consolidation process across its trading partners is also a potential drag on growth.
Moody's said that as it indicated in October, France's rating remains under review and it will update the market during the first quarter of 2012.
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PostPosted: Fri Apr 06, 2012 9:40 pm    Post subject: Reply with quote

The Republic’s collision course with Islam: Is France headed for another revolution?


April 7, 2012 – PARIS, FR – Islamist groups in France want to avenge the death of a Muslim radical who was killed by police, prompting France to exercise vigilance, the country’s interior minister said Friday. Claude Gueant said French authorities have noticed a “renewed enthusiasm” and “a desire to avenge” the death of Mohammed Merah. He said some radical Muslims may follow in Merah’s footsteps and “become a martyr.” Merah, a French citizen of Algerian origin, was suspected of killing seven people before he himself died last month in a 32-hour siege of his apartment in the southwestern city of Toulouse. “We have to be vigilant,” Gueant said on French radio Europe 1. Gueant’s comments come amid a widening security crackdown in the aftermath of the horrific shooting spree. Ten suspected Islamists were arrested in fresh raids across France on Wednesday, and 13 alleged radicals arrested a week ago were placed under formal investigation for “criminal conspiracy in connection with a terrorist enterprise” and possession and transportation of weapons, officials said. Nine of the 13 have been jailed, including Mohamed Achamlane, leader of the Islamist group Forsane Alizza, reportedly linked to Merah. French prosecutor Francois Molins said the detained radical Muslims were preparing for holy war. Forsane Alizza and Achamlane were “calling for the establishment of an Islamic caliphate in France and calling for the implementation of Sharia law and inciting Muslims in France to unite for the preparation of a civil war,” a Paris prosecutor said. The Interior Ministry announced Monday it had deported two Muslims and plans to expel three more. -CNN

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