フランスの国債の信用核付けをMOODY'Sが最良から1段落としたので、フランス政府は、弁護の抗弁
Moody’s estrecha el cerco sobre Hollande
La agencia duda que París sea capaz de llevar el déficit hasta el 3% prometido en 2013
Moody’s quita la Triple A a Francia
REPORTAJE: Los cañones apuntan a París
Miguel Mora París 20 NOV 2012 - 18:48 CET
Moody's close the circle around Hollande
The agency doubt that Paris is able to bring the deficit to 3% in 2013 promised
Moody's removes France Triple A
FEATURE: The cannons pointing to Paris
Miguel Mora Paris 20 NOV 2012 - 18:48 CET
After fit irritation criticism from investors and large German and Anglo-Saxon media ("French denial of reality", "a time bomb in the heart of Europe"), the Socialist government tries to stop the new coup involves the decision of Moody's, who on Monday decided to cut one notch Aaa prized French debt, the best possible credit rating.
Economy Minister, Pierre Moscovici, recalled that Moody's had placed and French note on negative outlook on 13 February, and stated that the downgrade is because "previous governments did not do enough to redress public finances and competitiveness of the French economy. "
The minister, who summoned the press at eight in the morning, also said that the sovereign debt of France (more than 90% of GDP) remains "one of the safest and most liquid" in Europe, adding that the downgrade the triple A "encourages the government to implement as quickly as the necessary structural reforms." In fact, Moody's has placed the French note on negative outlook, which seems to betray his distrust of the reforms undertaken by the socialist cabinet.
The rating agency justified degradation three main reasons: the "multiple structural challenges," adversely affecting "prospects for long-term growth," the "loss sustained gradual competitiveness" of the country, and the serious difficulties France would happen to "future shocks in the euro-zone output Greece. The main disagreement focuses on competitiveness. The government of Jean-Marc Ayrault considered out of place that alert because two weeks ago submitted its Pact for Competitiveness, which will mean a cut of 20,000 million (2.7%) in labor employer charges for 2013, which is a recent phenomenon in France.
Moscovici Sarkozy blames the loss of the Triple A
The principal analyst at Moody's for the economy gala, one observer called Dietmar Hornug working at the headquarters of the company in Frankfurt, qualified to Le Monde that the agency "recognizes that the French Government is aware of the challenges and knows he must act" , but added that some measures of the plan "will only take effect in 2014." According Hornug, the reduction of a single step in the note reflects Moody's confidence in the reforms undertaken by Paris. As saying that if he had not thrown that Moscovici reform, the rating would have fallen even more.
The agency also relies on official forecasts of growth (0.8% in 2013 and 2% thereafter). Are "overly optimistic," he says. And rigorous application of neoliberal ideology Germanized so fashionable in Europe, criticizes France take "decades" making structural reforms "mediocre", and suggests that Paris should be early resolution of the "rigidity" of its labor market. Among other alleged evils, says the "important protection for permanent contracts" made by "layoffs particularly difficult" and act as "brakes on hiring." The agency does not cite labor reform approved by the Spanish government, but the shots seem to go around.
Moody's knows that François Hollande called a social dialogue table after the summer to reform the labor market-is gathered without apparent progress, but seems to have far more quickly than the head of state. Across the Rhine feels growing pressure for weeks by Angela Merkel, French restless because flu infecting end Berlin and complicate his reelection. Ironically, when Moody's placed in February French debt under negative outlook, while Sarkozy still in power, did not talk about competitiveness and structural reforms.
Analysts said French, the reduction of the note leaves a narrow margin of error Hollande and his team. France is the leading issuer of public debt in Europe in 2013, and the foundation to be the next country to produce "distrust" speculators and lenders seem to settle down a little more each day. Despite having cut 30,000 million in the 2013 budget, the concerted austerity and stimulus invented by Hollande still like the mandarins of the global economy.
By late afternoon in Paris, the Left Front of Jean-Luc Mélenchon called a demonstration outside the headquarters of Moody's to protest against the policies note and clipping.
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