It’s been another disappointing week in Europe, on Tuesday 20th November we found out….
A second major credit ratings agency has stripped France of its ‘triple-A’ status in a move that risks stoking its borrowing costs and dragging it further into the eurozone debt crisis.
Moody’s Investors Service announced it was cutting France’s sovereign rating by one notch to Aa1 from Aaa, citing the country’s uncertain fiscal outlook as a result of “deteriorating economic prospects”.
Moody’s also said it was maintaining a negative outlook on France due to structural challenges and a “sustained loss of competitiveness” in the country. The downgrade follows that of Standard & Poor’s in January.
http://news.sky.com/story/1013808/euro-crisis-french-credit-rating-cut
Cyprus are about to be the next country needing a bailout estimated at £17.5bn
Spain is on the verge of breaking up.
Catalan voters are expected to return a pro-independence majority to the regional parliament on Sunday. Then a referendum will be held within two years…
http://www.guardian.co.uk/world/blog/2012/nov/24/catalonia-independence-timetable
EU Budget talks have ended in Deadlock
David Cameron faces more months of tough negotiations as he tries to secure a seven-year freeze in the European Union budget after this week’s summit broke up without a deal.
http://www.hartlepoolmail.co.uk/news/national/cameron-anger-at-eu-budget-deadlock-1-5164891
Why did we let things become this bad? is the Euro Zone going to stay afloat?
What we need is growth and investment, spending on infrastructure would be a good start.
steve@bicknells.net
