US-based ratings agency Standard & Poor's (S&P) has cut France's triple-A rating and trashed the EU's new fiscal treaty.
It said in a statement out Friday (13 January) the EU draft fiscal compact "does not supply sufficient additional resources or operational flexibility to bolster European rescue operations."
It noted that: "a reform process based on a pillar of fiscal austerity alone risks becoming self-defeating, as domestic demand falls in line with consumers' rising concerns ...
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Already a member? Login hereAndrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.
Andrew Rettman is EUobserver's Foreign Affairs Editor. He has been writing about foreign and security affairs for EUobserver since 2005. He is Polish but grew up in the UK. He has also written for The Guardian, The Telegraph, and The Times of London.