Top German economists are warning that French debt is likely to be downgraded in the months to come. In today's Spiegel Online International:
Ever since Europe's common currency crisis began erupting in earnest last year, two countries have been largely responsible for preventing a complete collapse of the euro zone: France and Germany. Without their support, Greece, Portugal and Ireland would have long since declared insolvency.
This year, though, with the euro crisis going from bad to worse, it is looking increasingly likely that France may not be able to emerge unscathed. Indeed, leading German economists on Monday told the website of financial daily Handelsblatt that French debt is likely to be downgraded in the months to come.
Assuming that the crisis will extend into 2012, If Hollande is then elected as could very well be the case, it's even more likely that France wlll end up plunging into the same economical abyss. Certainly if Hollande puts into practice his miracle cures, such as his remedy for improving the national education system..
ReplyDeleteOne by one the European countries are coming under the grip of Downturn.
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