France downgrade a reminder that eurozone not mended


Robert Peston
BBC News
November 8, 2013

It may be that the reasons for Standard & Poor’s decision to cut France’s credit rating will resonate more than the downgrade itself.

Because S&P is very publicly criticizing France for not doing more to lift its economy out of the economic doldrums and cut persistently high unemployment.

For the ratings agency, the French government is doing too little to cut the burden of tax, reduce public spending and provide great freedom for the private sector.

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