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.
- 1Medvedev: Syria, Ukraine and the economic crisis – an exclusive interview
- 2Turkish forces attack Syrian and Kurdish positions in northern Syria
- 3Syria would be ‘chaos’ if Assad ousted, says Medvedev
- 4Syria ceasefire more likely to fail than succeed, says Russian FM
- 5Assad says he will take back “whole country” in interview
- 1Oh là là – does French ruling mean more nude pictures on Facebook?
- 2Assad says he will take back “whole country” in interview
- 3‘It’s just not true’ – Russia rejects claims that it’s bombing civilians in Syria
- 4Catholic and Russian Orthodox leaders end 1000-year standoff
- 5Gravitational waves offer ‘a new window on the Universe’
- 1‘Human error responsible’ for deadly Bad Aibling train crash – sources
- 2Leopard enters Indian school, mauls six people
- 3Japanese volcano erupts on nuclear power station island
- 4One of world’s biggest container ships stranded on German river
- 5Einstein was right! Scientists confirm that gravitational waves exist
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2International news | euronews, latest international news
- 3Hope vs harsh reality: challenges to global education goals in the 21st century
- 4Partnering to grow Europe
- 5Madrid to appeal Catalan road to independence from Spain
- 6Thousands in Bucharest blame corruption for Friday’s nightclub blaze
- 7Macedonian Postcards: The Mavrovo National Park
- 8Extras : euronews : the latest international news as video on demand
- 9Jorge Lorenzo clinches his third MotoGP title in Valencia
- 10latest Learning World - All Programmes | euronews : the latest international news as video on demand
- 11Moldova: protesters storm Parliament
- 12Humans consume more than planet can produce on ‘Earth Overshoot Day’
- 13International breaking news | euronews online world breaking news in video
- 14Evo Morales celebrates his birthday by playing football
- 15Benzema questioned in French sex tape case
- 16Norway sends Syrian refugees back to Russia
- 17Paris: “I would rather see my brother in prison than in a cemetery”
- 18Business news and finance news | euronews: international economic and finance news
- 19Special Reports : euronews : the latest international news as video on demand
- 20Merroussis clinches the 33rd Athens Authentic Marathon
latest economy news
Japan’s yen for zen in the financial markets
Eurozone GDP growth still weak, Greece in recession again
Kremlin ‘considering stimulus plan for Russian economy’
French and German finance chiefs discuss economic weakness and eurozone recovery
To Russia with cash: Chinese tourists offset fall in Western visitors
Wires > News
- 23:49 CET HSBC decides to stay in Britain
- 18:28 CET Hinkley Point decision not on EDF board agenda Monday – source
- 18:03 CET Modi urged to make reality match ‘Make in India’ hype
- 17:14 CET OPEC members increasingly keen to end oil glut – Nigeria oil…
- 16:59 CET Noble Group’s LNG traders leaving to join Glencore – sources
- 15:28 CET BP extends scope of Khazzan gas field development in Oman
- 15:11 CET Carrefour offices searched in French agriculture pricing…
- 15:05 CET Analysis – Fed’s ‘dot plot’ looks increasingly out of touch on…