France's Debt Receives Second Downgrade And European Finance Officials Face €15 Billion Gap In Financing For Greece

Tuesday, November 20, 2012 08:18
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France's Debt Receives Second Downgrade And European Finance Officials Face €15 Billion Gap In Financing For Greece

Moody’s cut France’s credit rating and moved its outlook to negative, citing a worsening growth outlook.
 
The country’s credit was cut from the top rate of Aaa to Aa1 and follows a downgrade by Standard and Poor’s in January.
 
The move adds pressure on French president François Hollande to stimulate growth in the face of deteriorating economic prospects.

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Meanwhile, European finance ministers are facing a €15 billion gap in financing for Greece as a result of the two-year extension granted the country to bring its debt levels into compliance with euro mandates.
 
The extension increased tensions with the International Monetary Fund since it effectively increased Greece’s debt load instead of reducing it.
 
Finance officials from Greece, Spain, France, and Italy met recently in Paris to try to bridge the differences.
 

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