Here Are The First Official Responses By French Politicians To S&P Downgrade

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Just like in the US, where we had our very own Treasury Secretary telling us there is "no risk" the US would get downgraded, about 3 months before America did in fact get downgraded, the cognitive dissonance between reality and fantasy is fully exposed today, this time in Europe. And whereas patriotic chauvinism has its good and bad sides, listening to politicians explain away how the impossible has just happened is always very amusing. Especially when translated by Google. Such as in this case, where we have grabbed the following article from Les Echos and dumped it into the modern version of the babel fish.

Perte du AAA de la France  : les premières réactions

 

Overview of the main reactions of political leaders in the decision by Standard & Poor's to degrade a notch note of the long-term debt of France, from AAA to AA +.

 

Jean-François Roubaud, president of the CGPME: "It is clear that this is not a positive sign and it is not what will improve the morale of our business leaders and the French economy." "Obviously, we will be even more pending regarding investment, hiring, etc.. ". "What I fear, too, is a somewhat greater restriction of credit in the coming months," he said, hoping that "interest rates already take into account for much of this degradation 'expected for several weeks. Patterns needed "tangible signs of improvement" and were already receiving an improvement in their order books in three months, but "the loss of triple A is not going in the right direction."

 

Jean-Marie Le Guen , PS deputy of Paris: "This is first terrible news for France, our country will pay very heavily the consequences of this decision." "It's a triple setback for Nicolas Sarkozy: failure of his economic policy for 5 years aa led France in this situation," "failure of crisis management" and "social failure". "We are not equal before the crisis," "France is particularly targeted because it has increased its debt by a reckless fiscal laxity that we have repeatedly denounced" (on BFM-TV).

 

Eva Joly, the EELV candidate for president: "The deterioration in the rating of France reflects the failure of government policy and the failure of the policies of Nicolas Sarkozy, his tax breaks, and shows that policy austerity was not requested by the rating agencies in this way, was ineffective. " "More than ever, it is time to redress the balance, the austerity it is useless, as seen in Greece" because then "the country is blocked and the economy deteriorates." Eva Joly has also criticized the "unnecessary measures and performance-against" austerity policies that "create evil." For her, Nicolas Sarkozy "has compounded the crisis that was already there in 2007, it's time he chose to introduce the tax shield. Its policy of gifts contributed to worsen the deficit. " Under these conditions, it held that the presidential campaign was a "great uncertainty" and "difficult to anticipate."

 

Jean-Luc Mélenchon, candidate of the Left Front: "The rating agency Standard & Poors said the war of finance against France. We must resist, "wrote presidential candidate in a statement. "The Central Bank should announce immediately that it will pay to France a very low rate. Otherwise it must suspend payment to the budget of the French EU and cover with next slice a forced loan of French banks that have just been force-fed by the ECB. "

 

Christine Boutin, candidate of the Christian Democratic Party: "Nicolas Sarkozy is now the wall, it is not the time for scoops." "This morning, everyone struggled to register a same-sex marriage in the project of Nicolas Sarkozy, and now we lose the Triple A. .. I note the shift in the urgency of decisions. "