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French Prime Minister Francois Fillon has called S&P’s decision to remove France’s triple-A credit rating "untimely," as the country is already taking decisive action to contain its public accounts.
Speang at a news conference,kobe new shoes 2012 Fillon also said rating agencies are useful barometers. But it is not they who set policy in France, and there is no reason at this stage to take extra austerity measures.
France's Prime minister Francois Fillon gives a press conference in Paris. Fillon
said the credit downgrade had been expected and should neither be "dramatised" nor
"minimised," and that budgetary "adjustments" would be made if necessary.
Francois Fillon said, "This decision was expected, even if one can judge it as bad timing given the efforts that have been engaged by the euro zone -- efforts that investors are beginning to recognise. Financial markets didn’t react much on Friday to the rumours that preceded the official announcement by Standard & Poor’s. This decision is a warning that should not be over-dramatised, no more than it should be underestimated. The degradation of our public finances for the last 30 years is a major impediment to growth, to job creation as it is for our national sovereignty.