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.
- 1Saakashvili warns of Odessa region’s importance to Ukraine
- 2Greece: with referendum looming ‘Yes’ vote ahead, opinion poll suggests
- 3Finland tops European countries in latest happiness survey
- 4Tsipras: ‘no’ vote will mean a better deal with lenders
- 5Thousands rally in France in support of Greek “no” vote
- 1euronews live TV - News | euronews : the latest international news as video on demand
- 2Spain’s first case of diphtheria in 30 years: parents of six-year-old ‘oppose vaccines’
- 3Greek debt crisis is “absolute supremacy of capital over humans”
- 4[Live updates] NGO flotilla bids to break Israeli blockade of Gaza
- 5[LIVE UPDATES] Greek debt deadline looms
- 6Large Hadron Collider ready to embark on an unprecedented voyage of discovery
- 7Istanbul Gay pride quashed by riot police, rubber bullets and water cannon
- 8[LIVE UPDATES] France: man decapitated, several wounded in chemical plant attack
- 9Israel prepares to repel boarders as ‘Freedom Flotilla 3’ tries to run Gaza blockade
- 10Greek debt summit – Live updates
- 11‘Distractingly sexy’ scientists hit back in lab chemistry polemic
- 12Romania, Hungary and Bulgaria focus of EU cash fraud probes
- 13NewsWires : euronews : the latest international news as video on demand
- 14Summit up in Brussels as Greek proposals give food for thought and rumours fly
- 15Interpol issues ‘red notice’ for accused ex-FIFA bosses
- 16Battle of Waterloo, live-tweeting 200 years on
- 17Greek PM faces day of crucial bailout talks in Brussels
- 18Citizens take power in Spain’s largest cities as a political revolution sweeps the country
- 19Italy discovers biggest illegal waste dump in Europe
- 20Greek debt: who will pay if Greece fails?
Wires > News
- 18:31 CET Exclusive – Hospira wins French biosimilar drug tender at 45…
- 18:11 CET Oil slides in thin trade on rising U.S. rig count
- 18:09 CET Any ‘new drachma’ would sink like a stone at first
- 17:44 CET UK to curb protection for savers, blames EU rules
- 17:32 CET Greek cliffhanger brings Sunday shift for some London traders
- 17:26 CET Italy economic recovery is weakening, statistics office says
- 17:24 CET Brent and U.S. crude fall more than $1 a barrel
- 17:16 CET Global business growth at five-month low as prices jump – PMI