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France stands firm over health of finances

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France stands firm over health of finances


After the United States and Italy, France now finds itself in the firing line of speculators over how its handling its finances.

France and all three credit ratings agencies have rejected rumours that the country’s sovereign debt is set to lose its Triple A status.

Finance Minister Francois Baroin, says he is confident France will meet its two percent growth target because there are “solid fundamentals in the economy.”

“Our economy is diverse, our banking system is one of the world’s most resistant…but it is being attacked by rumours,” he added. “Rumours are like a nest of vipers – they hiss, they bite, and they hurt, but even once the vipers have gone, their venom remains,” he said.

The combined effort to ban short-selling, that is traders betting on falls in some financial stocks, is only the first step to curtail the crisis. France says it may introduce further measures to reduce its public deficit.

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