France has ordered an investigation into what it called a “shocking” error by Standard and Poor’s.
The credit ratings agency said it accidentally released a message yesterday downgrading France’s triple AAA status. The mistake contributed to the worst day for France’s government bonds since before the euro was launched in 1999.
France’s Finance Minister François Baroin reacted quickly to ward off concerns, explaining the latest moves to ensure the country keeps its top credit rating. “We will do what we said. In 2013 we will reduce our deficit to the level we had before the crisis of 2008-2009. In 2016 we will have 0% deficit. We’ve shown over the past two years that we were in a position to adapt (our economy) and show with the new plan, that we can adapt again,” he said.
Although the three largest agencies have a stable outlook on the country, Moody’s has recently said it could revise that outlook to negative by early next year if the costs for helping bail out banks and other euro zone members stretch France’s budget too much.
S&P, which is already under fire from European policy makers over recent downgrades of government debt, has offered little explanation about the causes of the accident so far.
The company said it was investigating how the erroneous message was automatically sent to some subscribers of its credit ratings website. It was not clear how many clients saw the message.
- 1Chomsky says US is world’s biggest terrorist
- 2US Navy deploys two more warships near Yemen as conflict escalates
- 3Fire and brimstone show EU deal is close, Varoufakis tells euronews
- 4Ethiopia: Clashes at rally to mourn Christians killed by ISIL in Libya
- 5Chernobyl Children: what makes Ukrainians born in 1986 different?
- 1Chomsky says US is world’s biggest terrorist | euronews, the global conversation
- 2euronews live TV - News | euronews : the latest international news as video on demand
- 3Chomsky – a rebel with a cause | euronews, world news
- 4Anti-ISIL demonstrations turn violent in Ethiopia | euronews, no comment
- 5The migrants tragedy in the Mediterranean sparks creative satirical response | euronews, world news
- 6Europe is ‘bluffing’ over Greece-Russia relations – analyst | euronews, news
- 7Woman carries can of water on her head along Paris marathon | euronews, world news
- 8Former IMF chief ‘under investigation for money laundering’ | euronews, world news
- 9Pope Francis washes Rome prisoners’ feet on Holy Thursday | euronews, world news
- 10ECB chief Mario Draghi unhurt after protest during speech | euronews, world news
- 11International news | euronews, latest international news
- 12Portuguese researchers discover the secret of Mind Control | euronews, futuris
- 13Indonesia executes five foreigners despite protest | euronews, world news
- 14eurovibes - a selection of Europe’s best music talent
- 15International tv news | euronews: European and International tv news bulletin
- 16Chernobyl Children: what makes Ukrainians born in 1986 different? | euronews, world news
- 17Fighting Boko Haram: Chad aims to ‘destroy’ militant group | euronews, world news
- 18Energy-generating clothes and smart lights join the Internet of Things | euronews, hi-tech
- 19World news video | euronews the latest world news online | breaking world news video
- 20International breaking news | euronews online world breaking news in video
Wires > News
- 08:23 CET Germany’s MAN says first-quarter profit drops 50 percent as Brazil…
- 08:20 CET Orange confirms targets after posting in-line first-quarter results
- 08:15 CET BP profits soar on strong refining
- 08:12 CET Growing output, strong refining help Total contain first-quarter…
- 08:09 CET Daimler profit surges 41 percent on record Mercedes sales
- 08:01 CET Philips first-quarter operational results meet expectations
- 07:54 CET Sweden’s Ratos sells cinema chain to Bridgepoint
- 07:52 CET Spain’s Santander says first-quarter profit jumps nearly a third…