The French government wakes up with a hangover.
At the start of a three-day weekend, marked by a new social movement, the rating agency Fitch Ratings downgraded the sovereign rating of French debt from "AA" to "AA-" with a stable outlook. .
The agency is less optimistic about growth and debt prospects than the government.
Also in question: the social context, which harms the credibility of France to carry out the necessary consolidation of public finances, faced with the debt burden of 3,000 billion euros.
Fitch's mention of
"political stalemate"
and
"(sometimes violent) social movements"
reflects market doubts about the executive's ability to push through further structural reforms over the next four years.
If this decision was foreseeable, since the agency had confirmed last November the negative outlook for France's rating, the executive probably thought of escaping it after...
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