French central bank president attacks UK: Britain should be downgraded

The governor of France’s central bank has launched a strong attack on credit rating agencies, calling them “incomprehensible and irrational” as Paris braces for a potential downgrade of the country’s triple A status.

Christian Noyer, head of the Bank of France, said a French downgrade would not be justified – adding that the agencies should begin by downgrading the triple A rating of Britain, which “has bigger deficits, more debt, higher inflation, less growth than us and where credit is shrinking.

“The agencies have, frankly, become incomprehensible and irrational. They launch threats, even though (eurozone) states have taken strong and positive decisions ... a downgrade does not seem to me justified based on economic fundamentals,” Mr Noyer said in a newspaper interview.

http://www.ft.com/intl/cms/s/0/40746fc8-2713-11e1-b9ec-00144feabdc0.html#axzz1gF4lM0HZ

 

He conveniently left out the fact that the Brits can print their currency in abundance. A discretionary freedom the French (alongside the PIGS) do not possess.

 

He forgot to mention the most important point, UK is not in the euro, a currency that has 17 leaders that are having ,18 summits- 5 final grand plans, to addres the crisis & still a lot more to come..

 

He forgot to mention the most important point, UK is not in the euro, a currency that has 17 leaders that are having ,18 summits- 5 final grand plans, to addres the crisis & still a lot more to come..

 

Debt to GDP ratios in the UK are nowhere near the Eurozone as a whole. Noyer's crying wolf when S&P has been the sheep for a long time when it comes to Sovereign debt.

 

Erm, not that I don't think Noyer is a total prick for calling for a downgrade of the UK. However, I have to ask you, bwol, unless you can offer accurate info, pls do refrain from opining on these subjects.

 

How in the world can a country like the UK - engaging MASSIVELY in quantitative easing - keep their AAA rating? Is the only argument here, because the UK has its own "currency"? I think, that´s a very weak argument, isn´t it?

 

It's very rare when a frenchman can make the uk laugh

 

I am surprised he did not mention that France has one better asset than the UK-- the women. They would fetch a higher wage in the oldest profession. If France promotes and tax it, then...

 

Not at all... In fact, it's a very very strong argument.