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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Former Governor of the Bank of England Mervyn King…

“There are arguments for remaining in the EU and there are arguments for leaving the EU. But there is no case whatever for giving up the benefits of remaining without obtaining the benefits of leaving.”

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