Nicolas Sarkozy’s worst election fear realised with loss of AAA rating | World news | The Guardian

This image shows Nicolas Sarkozy who is presid...

Image via Wikipedia

Will Nicolas Sarkozy be the next democratically elected European leader to be ousted by the Euro crisis? Will he join the former heads of Greece, Italy, Spain and Ireland?

Fortunately, there is an election in France shortly, so that the choice will be left to French voters, unlike Greece and Italy which now have bureaucrats at the helm sponsored by Germany, the EU and the IMF, rather than their democratic processes.

French politicians have consistently been deflecting attention to other troubled countries to try to take focus from France. Greece, Italy, Spain and the UK have all received French attention.

The French downgrade will be a serious blow to the egos of the French political classes. The fact that the heavily indebted UK escaped downgrade will add salt to the wounds. It will be interesting to see how UK Prime Minister, David Cameron, plays his “Triple AAA hand” with Germany and France in the coming days. 

France will now need to get serious about its own austerity measures, in particular, it will need to savage its bloated Public Sector. Whoever wins the French presidency, he will have the credit rating agencies on his back and this could well lead to civil unrest and unprecedented strike action in France.

The following article from the Guardian puts this story into wider context. Check it out!

Nicolas Sarkozy’s worst election fear realised with loss of AAA rating | World news | The Guardian.

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: