MegaSack DRAW - This year's winner is user - rgwb
We will be in touch
"Your mother was a hamster and your father smelt of elderberries!"
"Fetchez la vache!"
Has it come to this 😉
French officials are irked that the euro-member country’s triple A status is under fire, while that of Britain has not so far come under threat, despite the UK’s higher deficit, similar debt levels, high inflation and sluggish economy. Their annoyance was fuelled by recent comments from George Osborne, UK chancellor, comparing France’s predicament to that of Greece.
http://www.ft.com/cms/s/0/b783c646-27cb-11e1-9433-00144feabdc0.html#axzz1ghhjrcVI
The governor of France’s central bank has said Britain is more deserving of losing its top-notch credit rating than France as Paris braces itself for a potential downgrade of the country’s triple A status.
http://www.ft.com/cms/s/0/40746fc8-2713-11e1-b9ec-00144feabdc0.html#ixzz1ghiINSg2
Course it does. That's why French spreads are 80bps wider than UK 😉
thhhrrrprpppppP!!!!!
Quel est le mot pour "sour grapes"?
Somebody must be due an election, I guess!
That and they know they'll be shafted if the Euro collapses (that is to say, shafted even more than we and quite possibly the global economy will be!).
I'm sure the poison dwarf has already got his speech written for when the Euro collapses. Blaming us! Can't be long now
Actually... thinking about it.... has anyone ever seen Sarkozy and TJ in the same room..... Hmmmmmmmm, I wonder.....
😀
They do have a point... we're (considerably) deeper in debt than the French, our economy is growing slower.
binners - MemberI'm sure the poison dwarf has already got his speech written for when the Euro collapses. Blaming us! Can't be long now
Actually... thinking about it.... has anyone ever seen Sarkozy and TJ in the same room..... Hmmmmmmmm, I wonder.....
You mean Sarkozy is Prince Philips love child as well?
But France faces a lot more grief from the PIIGS Eurozone strife:They do have a point... we're (considerably) deeper in debt than the French, our economy is growing slower.
[url= http://blogs.telegraph.co.uk/finance/andrewlilico/100013819/is-it-now-ok-for-british-politicians-and-central-bankers-to-call-for-france-to-lose-its-aaa-rating-when-can-we-start/ ]What places the French sovereign in particular distress is its commitments to the banks.[/url]
The spreads have blindly followed S&P's somewhat biased leaks and attempts to divert attention from their more fragile customers.
In this case I'll translate "sour grapes" as "Le dépit Amoureux", a Molière play in which the protagonists indulge in much bitching and many dirty tricks before marrying, and one assumes living happily ever after.
we're (considerably) deeper in debt than the French, our economy is growing slower.
Yes, but we're not bound into a currency that's about to be flushed down the toilet. I think the differing credit ratings of France and us tell us everything we need to know about what the markets think of the longevity of the Euro
we're (considerably) deeper in debt than the French
No we're not. Our debt is 85% of GDP, france is 84% GDP.
The deficit for this year isnt so rosy, I think we're 8.3% GDP and they're 7% ish.
Binners - as it's always been said, credit rating agencies follow the market, not vice versa. Edukator - really, the spreads have been widening long before the negative watch.
Indeed Markie - its the banks that are France's achilles heels - their sub-prime has been lending excessively to the periphery. Ooops.
Not a very edifying spectacle from a central banker. Hence the FT headline: "Noyer should behave like a central banker."
Perhaps TJ, they are acting in their own self-interest? Just a thought!!
Are S&P engaged in an Anglo Saxon conspiracy? 😉
Like a french google, maybe they need to create a french rating agency to balance out the Anglo Saxon conspiracy!
TJ - Indeedy-do! I think there may have been some Greek/French/German/Scots luvvin goin down! Very pro-Euro! 😉
If you tell me enough times Stoner, it may sink in 😀
Don't forget Britain's debt:GDP is about 150% if you include bank bailouts, Markie.
Ce n'est pas du dépit, c'est un sentiment d'injustice face aux annonces partisanes des agences de notation. Un abus de pouvoir des agences qui a peut-être pour origine l'arrestation par la police française d'un chef d'agence ricain. A en croire la presse française.
Niminee Nominee Naminee poop!!!
Where is that quote from Edukator?
It's not a quote, I wrote it.
If your interested in the French view then I suggest reading [url= http://lecercle.lesechos.fr/economie-societe/politique-eco-conjoncture/politique-economique/221137215/agences-notation-contre-de ]Les Echos[/url] or La Tribune, the equivalents of the FT.
As for the 150%, you'll have to Google it, Madame is calling.
My hovercraft is full of eels
Don't forget Britain's debt:GDP is about 150%
only if you take the bailout investment as gross value, not net (i.e. what paid less what worth now)
and someone has been kind enough to produce a chart for me 🙂
[img] 
[/img]