Le Downgrade Est Arrivé

Sarkozy’s chances of re-election have taken a battering as France is no longer judged the safest of credit risks. What this means is that the French backed €uro bailout fund is no longer a AAA credit risk. Slovakia, Italy and Austria also got downgraded. Greek debt restructuring talks have broken down and Greek 10-year debt is trading at 20c/€ to face value. Which shows what the market thinks of  their chances of getting their €uros back… 




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Rowan Atkinson tells The Times

“All jokes about religion cause offence, so it’s pointless apologising for them. You should really only apologise for a bad joke. On that basis, no apology is required.”

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