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France’S Aaa Rating ‘Could Be A Stretch’

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http://business.timesonline.co.uk/tol/business/economics/article7140657.ece

France has added a new note of caution to the European debt crisis and admitted that it could struggle to keep its top-notch credit rating.

François Baroin, the French Budget Minister, told local television stations that holding on to the country’s AAA rating would be a “stretch”.

The rating does not look to be in immediate danger of a downgrade, but the comments came only two days after Fitch downgraded Spain’s credit rating amid concerns about its economic growth.

European and Asian investors will get their first chance to react to the downgrade, announced after the close of European trade on Friday, when markets reopen today.

Mr Baroin toned down his comments later and said that the Government was committed to the “demanding” target of maintaining France’s top credit rating.

A ratings cut pushes up the interest that a country must pay on its debts and thus has a knock-on effect on its economic growth. France expects its budget deficit to grow to 8 per cent of GDP this year and it intends to reduce that to 3 per cent within three years. The Government has frozen public spending and intends to increase the retirement age and reform the pension system to reduce its debt.

It would seem a slight slip there by Mr Baroin, but it just shows how screwed the whole Euro project is. Everyone is overleveraged and you can't solve a crisis in debt by creating even more debt.

Amazing how all European nations are going to cut govt deficits, all at the same time and somehow the recovery is locked in. Thank god govt spending isn't included in the GDP figures because otherwise this locked in recovery could be in real trouble.

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http://business.timesonline.co.uk/tol/business/economics/article7140657.ece

It would seem a slight slip there by Mr Baroin, but it just shows how screwed the whole Euro project is. Everyone is overleveraged and you can't solve a crisis in debt by creating even more debt.

Amazing how all European nations are going to cut govt deficits, all at the same time and somehow the recovery is locked in. Thank god govt spending isn't included in the GDP figures because otherwise this locked in recovery could be in real trouble.

I think France has massive difficulties,i dont see them being able to clear or default the debts without War and that means

PROBLEMS

Edited by Tamara De Lempicka

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http://business.timesonline.co.uk/tol/business/economics/article7140657.ece

It would seem a slight slip there by Mr Baroin, but it just shows how screwed the whole Euro project is. Everyone is overleveraged and you can't solve a crisis in debt by creating even more debt.

Amazing how all European nations are going to cut govt deficits, all at the same time and somehow the recovery is locked in. Thank god govt spending isn't included in the GDP figures because otherwise this locked in recovery could be in real trouble.

The problem for France and Germany is that their banks are owed massive sums from other Euro countries that cannot afford them. We have same but slightly smaller problem with this. It is a web of incestuous loans which do not add up and cannot be repaid. Someone put a link on here to a video of a spoof interview with a financial bod which was hilarious, covering this subject. Can they put it on again if they see this? - can't find it on youtube.

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just come back from Normandy.

outside of Caen and Bayeux, the place is empty. Lots of seaside houses for sale.

the channel is a stunning blue whereas the same water 50 miles away in England is muddy brown.

terrific roads, huge hospitals, mostly free parking outside the tourist sites, gleaming new bullit shaped local trains, tram systems in Caen and Rouen, fabulous bridges over the Seine, and did I mention the Roads?

this is where the money has gone.

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just come back from Normandy.

outside of Caen and Bayeux, the place is empty. Lots of seaside houses for sale.

the channel is a stunning blue whereas the same water 50 miles away in England is muddy brown.

terrific roads, huge hospitals, mostly free parking outside the tourist sites, gleaming new bullit shaped local trains, tram systems in Caen and Rouen, fabulous bridges over the Seine, and did I mention the Roads?

this is where the money has gone.

at least you can see where the money's gone in France. Here it seems to have just disappeared!

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just come back from Normandy.

outside of Caen and Bayeux, the place is empty. Lots of seaside houses for sale.

http://www.salairemoyen.com/revenus.php?Commune=14118&Ville=14000+-+CAEN

Normandy is a dump !

The average wage for a family of four including Gov't grants, tax -reductions etc is 1823 euros (all included)

The average take home pay is 993 euros

Caen is ranked as number 21618 out of a total of 24333 French towns and city's

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I think France has massive difficulties,i dont see them being able to clear or default the debts without War and that means

PROBLEMS

What do you know about France? France has historically high cumulative national debt but it still has a manafacturing base, natural resources, self sufficient in energy, a deficit that is in single figures and is being addressed through spending cuts and freezes on public sector pay as well as increased social charges for the public. In addition, it doesn't have 20 million+ private individuals who are up to their eyeballs in debts on houses that are worth half the mortgages on them and/or living on credit cards. Your comments from the other side of the channel look a bit silly looking from this side.

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What do you know about France? France has historically high cumulative national debt but it still has a manafacturing base, natural resources, self sufficient in energy, a deficit that is in single figures and is being addressed through spending cuts and freezes on public sector pay as well as increased social charges for the public. In addition, it doesn't have 20 million+ private individuals who are up to their eyeballs in debts on houses that are worth half the mortgages on them and/or living on credit cards. Your comments from the other side of the channel look a bit silly looking from this side.

Yup whenever I go to France I can not get over all those nodding donkeys that make France self sufficient in Oil. Then there is all the natural gas that is so plentiful. What natural resources is La Bell France full of Copper? Iron Ore? Zinc? Palladium? Rare Earth metals?

France is ******ed because it lives on benefits from the EU, the Common Agricultural Policy and also it is part of the Euro.

C'est Fini.

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I was out in France 2 years ago - in the SouthWest - and the interesting thing was that all the rotting country barns had been bought up by Brits. The French themselves preferring to live in brand new modern homes whilst the Brits were spending fortunes, and seemingly killing themselves in the process, in buying up old barns and farms and 'doing them up'.

Usually the Brits had bought in areas that young French people had left due to lack of jobs.

The other thing I noticed was how fab the French A roads were - there had obviously been some serious spending on the roads.

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I think France has massive difficulties,i dont see them being able to clear or default the debts without War and that means

PROBLEMS

- The Napoleonic Wars

- Lost. Temporary victories (remember the First Rule!) due to leadership of a Corsican, who ended up being no match for a British footwear designer.

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Yup whenever I go to France I can not get over all those nodding donkeys that make France self sufficient in Oil. Then there is all the natural gas that is so plentiful. What natural resources is La Bell France full of Copper? Iron Ore? Zinc? Palladium? Rare Earth metals?

France is ******ed because it lives on benefits from the EU, the Common Agricultural Policy and also it is part of the Euro.

C'est Fini.

Well lets put it this way, when the lights go out in good old blighty in about 10 years time you'll be able to stand on the white cliffs of Dover at the glow from the other side and say, 'we could still have electric lights if we had invested in power stations instead of investing in Chinese imports".

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Well lets put it this way, when the lights go out in good old blighty in about 10 years time you'll be able to stand on the white cliffs of Dover at the glow from the other side and say, 'we could still have electric lights if we had invested in power stations instead of investing in Chinese imports".

So France is still in trouble because just in case you did not know the French have to turn there nukes down in the summer months and they import elecy from good old blighty. Same when the nice Russkies have an argument with the Ukrainians and turn the gas off the French import gas from blightly.

So you statement that France is self sufficient in energy is just b.o.l.l.oc.ks.

Also I note you fail to answer what massive natural resources France has?

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So France is still in trouble because just in case you did not know the French have to turn there nukes down in the summer months and they import elecy from good old blighty. Same when the nice Russkies have an argument with the Ukrainians and turn the gas off the French import gas from blightly.

So you statement that France is self sufficient in energy is just b.o.l.l.oc.ks.

Also I note you fail to answer what massive natural resources France has?

Why do they turn down their nukes - do they get too warm? Serious question.

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So France is still in trouble because just in case you did not know the French have to turn there nukes down in the summer months and they import elecy from good old blighty. Same when the nice Russkies have an argument with the Ukrainians and turn the gas off the French import gas from blightly.

So you statement that France is self sufficient in energy is just b.o.l.l.oc.ks.

Also I note you fail to answer what massive natural resources France has?

Land. 4 times more than the UK has for each person. WTSHTF, the bottom line is that France will be able to feed itself at an individual and national level. I know I will unlike UK slavebox dwellers who increasingly rely on that nice Mr Tesco for keeping them in protien. As for importing electricity from the UK, you are of course aware of who owns most of the UK electricity generation and who you are relying on to build your new power stations?

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Why do they turn down their nukes - do they get too warm? Serious question.

Yes I will try and find the link. From memory the sea water used for cooling gets too hot in the summer and the nukes have to turned down.

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Land. 4 times more than the UK has for each person. WTSHTF, the bottom line is that France will be able to feed itself at an individual and national level. I know I will unlike UK slavebox dwellers who increasingly rely on that nice Mr Tesco for keeping them in protien. As for importing electricity from the UK, you are of course aware of who owns most of the UK electricity generation and who you are relying on to build your new power stations?

They own them for the reasons I have highlighted. But in a WTSHTF moment they will be re nationalised and the army sent in and we will say "Merci Monsieur Taxpayer Francais" for the nukes.

Also the only reason the UK is not self sufficient in food is the EU. Protecting the Franch farmer with stupid set aside laws. A situation we need to change quickly.

Edited by ralphmalph

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Yes I will try and find the link. From memory the sea water used for cooling gets too hot in the summer and the nukes have to turned down.

Yes, I recall this now.

Odd really, you think a nuclear power station could power 'chillers' to cool the water.

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They own them for the reasons I have highlighted. But in a WTSHTF moment they will be re nationalised and the army sent in and we will say "Merci Monsieur Taxpayer Francais" for the nukes.

Also the only reason the UK is not self sufficient in food is the EU. Protecting the Franch farmer with stupid set aside laws. A situation we need to change quickly.

The UK is not self sufficient in food for the same reason it is not self sufficient in much at all. That reason is that it has spent the last 30 years developing a spiv Ponzi economy instead of investing in the future.

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Yes, I recall this now.

Odd really, you think a nuclear power station could power 'chillers' to cool the water.

Chillers don't destroy heat, merely move it somewhere more convenient. E.g. An air con unit moves heat from indoors to outside. The heat still needs to be got rid of, but outside, the elements will take care of that.

Power plants produce vast amounts of heat. A nuke producin electriciy for 1,000,000 electric fires, produces heat equivalent to about 2,250,000 electric fires. This heat is dumped into the sea, rivers or lakes or into cooling towers. Cooling towers are expensive so where big rivers are available, they weren't built. The problem in Summer is that the rivers are warmer, and the flow less - so a plant may not be able to continue running at full power, as it risks cooking the fish.

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Yup whenever I go to France I can not get over all those nodding donkeys that make France self sufficient in Oil. Then there is all the natural gas that is so plentiful. What natural resources is La Bell France full of Copper? Iron Ore? Zinc? Palladium? Rare Earth metals?

France is ******ed because it lives on benefits from the EU, the Common Agricultural Policy and also it is part of the Euro.

C'est Fini.

you sir are ill informed as to thhe energy situation en le france

http://en.wikipedia.org/wiki/Nuclear_power_in_France

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http://business.timesonline.co.uk/tol/business/economics/article7140657.ece

It would seem a slight slip there by Mr Baroin, but it just shows how screwed the whole Euro project is. Everyone is overleveraged and you can't solve a crisis in debt by creating even more debt.

Amazing how all European nations are going to cut govt deficits, all at the same time and somehow the recovery is locked in. Thank god govt spending isn't included in the GDP figures because otherwise this locked in recovery could be in real trouble.

You know, it isn't surprising the Germans have a reputation of being inflexible and always telling people how things should be done. If you are even half competent and have to live with neighbours like this I cannot see how you could stop yourself pontificating.

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you sir are ill informed as to thhe energy situation en le france

http://en.wikipedia.org/wiki/Nuclear_power_in_France

Is every car in France electric?

Is oil not energy?

The original poster I responded too said France was self sufficient in energy not electricity.

France produces 70,800 barrels of oil a day yet consumes 1.986million barrels per day - CIA world fact book.

Edited by ralphmalph

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  • 260 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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