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France was downgraded by rating agency and talks on acrucial deal to restruture Greece’s unsustainable public debtburden broke down. The value of euro fell sharply • 1,38 dollar the 8th november • hypotesis break-up of the europe •Drop stock market in Europe and America
Who has made the polemic ? Rating AgencyThis month France was joined by Austria in losingthe coveted AAA rating and they were among nineEuropean countries to be downgraded, Including Spain, Italy and Portugal
EUROPE DOWNGRADE by Standard &Poors France Pass AAA to AA+ Austria Pass AAA to AA+ Slovenia Pass AA- to A+ Slovakia Pass A+ to A Spain Down 2 grades AA- to A Malta Pass A to A- Italy Pass A to BBB+ Cyprus Pass BBB to BB+ Portugal Down 2 grades BBB- to BB
REPERCUSSION• Solidarity between france and spain:• they don’t agree with S&P,• they said that “it is not Notary angency should determine country economy and their political.”• Sarkozy and the 1st minister Mariano Rajoy insist on the need for a common front face of difficulties.
Moody’s Agency confirm the AAA• Against S&P• the agency considers positive measures to reduce deficit and underline that the economy French is rich and several.• but not limited to changing the prospect of changes by the end of March.
SITUATION IN EUROPE• 1€ = 1.2835 USD• Greece is undebted it will pay back €14bn of debt on 20 March will not be delivered if there isn’t a restructuring deal.
GOAL:€ .Italy must refinance €440bn of debts this year.it is a greater threat than greece for Europe.€ .keep Greece against the abandonment of theeuro area€ .Germany & France talk about “Fiscal pact” tolimit defecit.€ .A new treaty should be signed by march a“second leg”
FORECASTING€ The 20th of january top “MERKOZY “ and Mario Monti€ Large European banks, many in France, may hold around €120bn of Greek bonds. €80bn( of the countrys debt) is believed to be in the hands of smaller asset managers, including hedge funds.€ Disagree with BCE