S&P Warns France and Germany of Downgrade

Tuesday, December 06, 2011

French President Nicolas Sarkozy (C) shake hands with German Chancellor Angela Merkel (L) and Italian Prime Minister Mario Monti (R) on November 24, 2011 in Strasbourg, France. (Photo by Thomas Niedermueller/Getty Images/Getty)

Standard and Poor's announced on Monday that it is considering a credit rating downgrade for both Germany and France, the euro zone's two biggest economies. The move takes place as euro zone countries meet in Brussels in an attempt to stop the ongoing crisis. The two countries currently have a top-notch AAA rating from the agency. Standard and Poor's said that 13 additional euro zone countries are also vulnerable to downgrade as a result of the continent’s economic crisis. 

Louise Story, Wall Street and finance reporter for The New York Times, has the latest on the story. Claus Deiter Heinze, a German businessman, reacts to the proposed changes to the European Treaty.

Guests:

Claus Deiter Heinze and Louise Story

Produced by:

Joseph Capriglione

Comments [1]

listener

A disappointed "farewell market rally, we hardly knew ye" and a disappointed farewell to Occupy Wall Street?
If one cheers for a market rally on Wall Street and cheers leftists who "Occupy Wall Street" doesn't that betray a fundamental misunderstanding and ignorance of both opposing economic ideologies?

Could it be this contradiction is based on an expedient progressive political agenda in the media rather than principle? A success in the markets on Wall Street is credited to Obama and if there is failure it is the fault of bankers and our economic system and not Obama.
This specious reasoning is becoming very transparent in the media.

Dec. 06 2011 09:59 AM

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