Tuesday, November 20, 2012

France… DOWNGRADED


For John, BLUFThe French economy, the world's fifth largest, is in trouble.  These things tend not to be self-contained.  Nothing to see here; just move along.

The French Government, under President Hollande has taken a credit rating hit, being downgraded from AAA to AA1 by Moody's.  So goes the story in The Daily Telegraph.

Pierre Moscovici, France's finance minister, blamed the economic management of past governments for the downgrade, and said that French debt remained among the most liquid in the eurozone.
Well, in that way the French Government is like the US Administration.

If you go to the link you will see a picture of loaves of "baguette" bread bound together by a ribbon with the French colors, and with a lit fuse protruding from the top.  This is from a recent front cover of The Economist, and it has elicited complaints from the French Government.

Why seven loaves?  All the news articles say seven.  Is it just an accident or does the number mean something?

Regards  —  Cliff

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