Egan-Jones downgrades France to "A" from "AA-," citing a "disastrous trend" with the worst still...

|By:, SA News Editor

Egan-Jones downgrades France to "A" from "AA-," citing a "disastrous trend" with the worst still to come for government finances. France's debt has grown 21% over the past 2 years while GDP has declined, with resulting damage to the debt/GDP ratio, now near 90%. The assets of the nation's 3 largest banks foot to 240% of GDP - should, as seems likely, state support be necessary, 90% will look good.