When socialists are in power, it’s often only a matter of time before they run out of other people’s money.
It takes a lot to get Moody’s off their backsides and downgrade the credit rating of a ‘wealthy, well-diversified economy’, so full credit to Hollande’s administration for this achievement reported on Sky News:
‘The EU nation’s score was taken down a notch to “Aa2” – the third-highest rating which is offered by the agency.
According to Moody’s, sluggish growth in France’s economy is expected to continue for at least the next five years – affecting the government’s ability to reduce its debt burden’.
And the response?
‘On Wednesday, the French government said it will stick to its current deficit and growth targets.
However, it has warned European Union partners that it may take longer for its levels of borrowing to fall within acceptable levels – shrouding President Francois Hollande’s reform drive in doubt’.
Excellent, carry on.