Standard and Poor’s have cut France’s AAA rating, and have also reduced the ratings of Italy, Spain, Portugal (now consigned to junk status) and Cyprus by two notches.
Austria, Malta, Slovakia, and Slovenia had their ratings lowered
by one notch.
Needless to say these downgrades have not gone down well with the political "elite" of Europe.
Michael Fuchs, a member of the Christian Democrats (who earlier this week said the Greece had no intention of paying its debts), said that
Standard and Poor’s was “playing politics” and stated that S&P should downgrade Britain as well:
“If the agency downgrades France, it should also downgrade Britain in order to
How exactly would that help restore confidence in the Euro experiment?