The French credit rating: Moody's plays with fire and politics

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This week international ratings agency Moody's raised the prospect of France losing its coveted triple-A credit rating and which is essential to efforts to calm the crisis in the euro zone. Martine Orange argues here that while the move by Moody's may have been predictable, the timing of the announcement has given the ratings agency a role in the forthcoming French presidential elections. Graver still, the blackmail it represents on the political debate is in danger of producing a catastrophic, irredeemable collapse of the European common currency.

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This week international ratings agency Moody's raised the prospect of France losing its coveted triple-A credit rating and which is essential to efforts to calm the crisis in the euro zone. Martine Orange argues here that while the move by Moody's may have been predictable, the timing of the announcement has given the ratings agency a role in the forthcoming French presidential elections. Graver still, the blackmail it represents on the political debate is in danger of producing a catastrophic, irredeemable collapse of the European common currency.