It's Official, S&P Downgrades France To AA+; Leaves Germany Alone
The worst-kept secret on Wall Street was officially confirmed after the close Friday, when Standard & Poor’s downgraded its sovereign debt rating on France to AA+ from AAA. Spain and Italy saw their ratings cut two notches, while Germany’s AAA rating was left unchanged.
Widely-anticipated since the ratings agency put most of the 17 eurozone countries under review in December, France’s downgrade Friday puts its rating in line with that of the U.S., which S&P cut in August.
http://jlne.ws/zUjIzY
Germany's Schaeuble: We Shouldn't Overrate Assessment Of Ratings Agencies
WSJ.com
German Finance Minister Wolfgang Schaeuble Friday downplayed the significance a possible downgrade by Standard & Poor's.
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On Friday 13th, Euro Zone May Again Slay the U.S. Consumer
Just as U.S. consumers feel better about the economy, Bam! Europe flares up again. Friday was all about mixed signals on the outlook.
WSJ.com
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S&P will not cut Ireland's credit rating sources
Reuters
Ratings agency Standard & Poor's will not downgrade Ireland's credit rating in a euro zone-wide move expected later on Friday, two senior Irish officials told Reuters.
http://jlne.ws/wRo96G
Fed’s Lacker: Not Central Bank’s Role to Intervene in Housing Market
WSJ.com
Federal Reserve Bank of Richmond President Jeffrey Lacker Friday said it’s not the central bank’s role to intervene in the housing market, comments that put him at odds with colleagues calling for broader efforts to aid the ailing market.
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Sarkozy holds emergency meeting with cabinet
Reuters
French President Nicolas Sarkozy met with senior cabinet officials at his office in an emergency meeting on Friday as reports circulated that France may be about to lose its triple-A credit rating with ratings agency Standard & Poor's.
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Play-by-play coverage on S&P downgrade issue
The Guardian
As well as being downgraded tonight, France has been warned that it faces "at least a one-in-three" chance of being downgraded again this year, or in 2013.
http://jlne.ws/zKL4Dd
Bullard: Stabilization Policy Should Be Left To Monetary Auth
The Federal Reserve is better suited for stabilizing the economy against "aggregate shocks" than the fiscal authority, in part, because the political makeup of the fiscal authority is not well suited for the timely, subtle reactions necessary, St. Louis Federal Reserve President James Bullard argued in an economic paper
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Greek bond swap talks appear close to collapse
Associated Press
Crucial negotiations between the Greek government and its private creditors on a bond swap deal needed to avoid default appeared close to collapse Friday, with representatives of the bondholders saying they had been "paused for reflection."
http://jlne.ws/zdxFHm
France will be degraded by one notch by S & P
Les Echos
Standard & Poor's downgraded the rating a notch from France, and maintained its negative outlook. Eight other countries in the euro zone have deteriorated. Germany, the Netherlands, Luxembourg and Finland keep them their AAA. For Baroin, the Minister of Finance, "it's not good news" but it is "not a disaster."
http://jlne.ws/AiFHAt
Obama to Propose Merging Agencies
WSJ.com
President Barack Obama on Friday proposed merging six agencies that focus on trade and commerce into one new department, following through on a promise he made a year ago.
http://jlne.ws/xkR2bn
Government Edges Toward Debt Ceiling
WSJ.com
The White House notified Congress on Thursday that the government was near its $15.194 trillion borrowing limit, ushering in the debut of procedural theater in which the debt limit will ultimately be raised even if Congress votes against it.
http://jlne.ws/yUeuJR
S&P rumoured to be on verge of mass eurozone downgrade
Wealth Manager
Standard & Poor's ratings agency has downgraded France according to French television channels. Earlier, a senior eurozone source said that S&P was set to downgrade several eurozone countries later on Friday, although Germany would not be one of them, Reuters reported.
http://jlne.ws/xEKiq3
Performance Bond Requirements: Interest Rate Outrights
http://jlne.ws/yznsyh
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