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 ...
Back our independent journalism by becoming a supporting member
Already a member? Login hereAndrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.
Andrew Rettman is EUobserver's foreign editor, writing about foreign and security issues since 2005. He is Polish, but grew up in the UK, and lives in Brussels. He has also written for The Guardian, The Times of London, and Intelligence Online.