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.
Copyright © 2014 euronewsMore about:
- 1Maritime drama deepens as Sweden extends ‘mystery submarine’ search
- 2German intelligence report blames pro-Russian rebels for MH17 crash
- 3Total boss dies in Moscow air crash
- 4Total oil CEO Christophe de Margerie dies in Moscow plane crash; snowplough driver was ‘drunk’
- 5Blast rocks Donetsk chemical plant
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Now is ‘right time’ for Catalonia independence vote, says Mas | euronews, world news
- 3Vatican rocked by another paedophilia scandal | euronews, world news
- 4Two container ships collide on Egypt’s Suez Canal | euronews, no comment
- 5British Muslims’ message to ISIL: Not in my name! | euronews, world news
- 6Sweden becomes first European nation to recognise Palestine | euronews, world news
- 7Algeria: ISIL offshoot releases video threatening French hostage Hervé Gourdel | euronews, world news
- 8Emma Watson threatened with naked photos leak after UN equality speech | euronews, world news
- 9How nasheeds became the soundtrack of jihad | euronews, world news
- 10International tv news | euronews: European and International tv news bulletin
- 11Iceland volcano ‘pollutes Paris’ | euronews, world news
- 12Ebola: Six new suspected cases in Spain | euronews, world news
- 13European Union News | euronews: latest breaking news and headlines about European Union
- 14Learning through “serious games” | euronews, learning world
- 15euronews speaks to Ban Ki-moon ahead of key UN and climate change talks | euronews, the global conversation
- 16Iraq: Baghdad rally held against US ‘occupiers’ | euronews, world news
- 17Mike Tyson: ‘You learn humbleness when you get older in life’ | euronews, the global conversation
- 18US delivers technical aid to Ukraine but warns over security | euronews, world news
- 19euronews apps : iPhone, iPad, Android, Windows Phone 8, Windows 8, Nokia S40, Nokia Asha, Smart TV and Google Glass
- 20Global warming to ‘cause 250,000 extra deaths a year’ | euronews, world news
Wires > News
- 18:28 CET EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels
- 18:20 CET Chiquita should weigh alternatives to Fyffes deal – Glass Lewis
- 18:04 CET Total’s ‘Big Moustache’ – bon vivant, deal-maker and risk-taker
- 17:58 CET Stronger oil stocks and surge in Shire lift FTSE
- 17:44 CET Total’s ‘Big Moustache’ – bon vivant, deal-maker and risk-taker
- 17:29 CET EU fines JPMorgan, UBS, Credit Suisse for taking part in cartels
- 17:27 CET China’s growth slowest since global crisis, annual target at risk
- 17:15 CET Glass Lewis suggests Chiquita weigh alternatives to Fyffes deal