I fart in your general direction!

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  • I fart in your general direction!
  • Premier Icon Stoner
    Subscriber

    “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”?

    [video]http://www.youtube.com/watch?v=DGXx56WqqJw&feature=player_embedded[/video]

    Markie
    Member

    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!).

    Premier Icon binners
    Subscriber

    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…..

    😀

    PJM1974
    Member

    They do have a point… we’re (considerably) deeper in debt than the French, our economy is growing slower.

    TandemJeremy
    Member

    binners – Member

    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…..

    You mean Sarkozy is Prince Philips love child as well?

    Markie
    Member

    They do have a point… we’re (considerably) deeper in debt than the French, our economy is growing slower.

    But France faces a lot more grief from the PIIGS Eurozone strife:

    Edukator
    Member

    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.

    Premier Icon binners
    Subscriber

    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

    Premier Icon Stoner
    Subscriber

    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.

    Premier Icon teamhurtmore
    Subscriber

    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? 😉

    Premier Icon Stoner
    Subscriber

    Like a french google, maybe they need to create a french rating agency to balance out the Anglo Saxon conspiracy!

    Premier Icon binners
    Subscriber

    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 😀

    Edukator
    Member

    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.

    kaesae
    Member

    Niminee Nominee Naminee poop!!!

    Premier Icon teamhurtmore
    Subscriber

    Where is that quote from Edukator?

    Edukator
    Member

    It’s not a quote, I wrote it.

    If your interested in the French view then I suggest reading Les Echos or La Tribune, the equivalents of the FT.

    As for the 150%, you’ll have to Google it, Madame is calling.

    Premier Icon binners
    Subscriber

    My hovercraft is full of eels

    Premier Icon Stoner
    Subscriber

    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)

    Premier Icon Stoner
    Subscriber

    and someone has been kind enough to produce a chart for me 🙂

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