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War Horse Donating Member (314 posts) Send PM | Profile | Ignore Wed Aug-10-11 05:15 PM
Original message
Downgrading - is France next?
http://www.nytimes.com/2011/08/11/business/economy/credit-anxiety-hits-shares-of-french-banks.html?_r=1


I honestly have nothing to add, kinda hoping that DUers might educate me on this.
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DCBob Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-10-11 05:21 PM
Response to Original message
1. very likely. If US is AA+.. France should be AA.
imo.
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banned from Kos Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-10-11 05:25 PM
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2. Europe is in big trouble. If SocGen bank - #2 in France fails the
repercussions will send shock waves all over Europe.

The Euro currency is doomed if Germany turns on it.
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DonCoquixote Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Aug-10-11 05:29 PM
Response to Reply #2
3. and that would give merkel
The perfect chance to kill off the EU, which appeals to many Germans who see the rest of Europe the way teabaggers see minorities.
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lonestarlib Donating Member (178 posts) Send PM | Profile | Ignore Wed Aug-10-11 06:28 PM
Response to Reply #3
4. Thanks to austerity, some of the electorate in
"the rest of Europe" might not mind the EU being killed off.
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lonestarlib Donating Member (178 posts) Send PM | Profile | Ignore Wed Aug-10-11 06:47 PM
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5. France's credit rating has been reaffirmed as AAA. It's rumors @ the
banks. Bloomberg (overnite Europe) reported that banks had stopped lending to each other. A rumor started that SocGen was insolvent & selling off their gold to raise money. SocGen stock plummeted; the bank denied the rumor & stock recovered a little.
Stock of one Italian bank dropped to less than 1 Euro at one point.

European money is flying into US treasuries.
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