Egan Jones Cuts France To BBB+, Outlook Negative

And now for your daily downgrade news......

Summary text:

French Republic: EJR rates at BBB+ (Neg.) (S&P: AA+) (223727Z FP)

Synopsis: For the most part, over the past 18 months France has been exempted from the rise in funding costs. However, as the crisis evolves, we expect that France will be pressured. The deterioration in France's credit metrics combined with the needed supported for France's banks are likely to pressure the country. A major catalyst is likely to be charges for the weakened periphery countries. Hollande will be under pressure to keep campaign promises which will ultimately hurt credit quality.

Zerohedge

There not much left to say on the euro crisis other than the speed of events is now
moving fast.

With spain borrowing cost now over 7% and italy not to far behind also looking like
it will need a bailout soon the chances of another credit crunch before the end of
the year is increasing.

For some more info try lacrimaererum thread for more reading on this total mess.

ATS Europe is imploding right now in front of you, by lacrimaererum

Originally posted by skuly
And now for your daily downgrade news......

There not much left to say on the euro crisis other than the speed of events is now
moving fast.

With spain borrowing cost now over 7% and italy not to far behind also looking like
it will need a bailout soon the chances of another credit crunch before the end of
the year is increasing.

For some more info try lacrimaererum thread for more reading on this total mess.

So true re the increased speed of events in Europe. It's better than any movie imo, full of suspense, emergencies, drama and scandal punctuated by black comedy and mystery.

Things are speeding up, but it is not quite there yet.
I am certain that Greece will stay in the zone, negotiations will start after the elections if the anti bailout party wins.

Egan Jones is like a little candle in the dark compared to s&p and moody's, so i think the downgrade won't have that great of an impact.
What will is when also the northern countries will see rising borrowing costs, when this happens, its over.

We (NL) will have elections in September, as it stands now, the parties who reject giving up sovereignty to the europhiles in Brussel benefit hugely from the situation.
For me, i hope it is a done deal in the short term, i fear the idea of giving power to such incompetent politicians in Brussel.