It is with a little amusement that we scanned through the Economic headlines today, following Standard & Poor’s decision to finally downgrade France’s and other Eurozone nation’s Sovereign Debt rating. France lost its prestigious triple A (AAA) grade to AA+.
Sarkozy and French anger? Indeed!
But the problem is timing as far as Mr Sarkozy is concerned. This is a Presidential election year in France, so this comes as a slight humiliation to Mr Sarkozy. And so it should be! He should be shamed out of office! Therefore, hopefully S&P’s decision will help the voters and tax payers of France sit up and realise that incompetent leadership and decision making in the Eurozone economies now urgently needs to be ‘punished’.
Thank you S&P, for taking this action, because the actions (or rather inaction) of the Eurozone bureaucracy and leadership so far in addressing the root causes of the multiple crises, is continuing to drag the global recovery off course.
Decisions to circumvent exiting (inadequate) European Institutional frameworks and pulling the wool over European Citizens eyes over the inadequate administrative burdens the bureaucrats have imposed on its Citizenry must finally come to an end.
Hopefully, we’ll see some slightly more competent new faces in the Eurozone leadership pool and summit photo call line ups very soon… Innovation in Europe might have to start with a new set of leaders?
- Eurozone crisis: ratings agency downgrades nine countries (newstatesman.com)
- French president Nicolas Sarkozy sends his PM to face cameras after credit rating is downgraded (dailymail.co.uk)
- French PM vows reforms after ratings downgrade (ctv.ca)
- It’s Official: S&p Announces Mass Downgrade of Eurozone Countries (tarpon.wordpress.com)
- France to pursue reforms after downgrade (thehindu.com)
- AAA No More: Credit Downgrade Hits France (npr.org)
- Credit rating slashed, France promises reforms (csmonitor.com)