"If France loses its AAA, I'm dead," Sarkozy told aides in October, according to Le Canard Enchaîné. The president has staked his re-election on convincing France that he is the only person with the guts, strength and character to save it from economic doom. The rating cut will seriously dent his image as the Caped Crusader of the financial world.

and with his tormentors saying they would leave the euro the EU is fucked - the experiment fails, goes tits up, defunct,

Last year the Sarkozy camp defined the AAA as the holy grail of France, not just a point of pride but the cornerstone of protecting the French social model, its ever-present state and generous social safety net. Alain Minc, the economist and Sarkozy advisor, called the AAA, which Paris has clung to for 36 years, a "national treasure". Defending the rating became Sarkozy's mission as he raced between international summits, claiming he would save the eurozone and solve the sovereign debt crisis.

Without the AAA France, which has not balanced a budget since 1974, will pay billions of euros a year in extra interest payments. With low to non-existent growth, a vast social security deficit and a serious hole in state coffers after decades of the French state living beyond its means, the downgrade means France will find it harder than ever to rein in its state finances.

Far-right leader Marine Le Pen said yesterday she would balance France's books if elected president by leaving the euro, slashing immigration, taxing imports and tapping the central bank for cheap loans instead of the debt markets. The National Front leader, who ranks third in opinion polls, spelt out the financial planning behind her campaign promises just over three months before the first round of the presidential contest on April 22. Exploiting discontent over globalisation and the debt crisis in Europe, Le Pen has sought to lure voters by detailing her plan to knock the country's bloated public deficit to zero by the end of 2017. She said she would raise 200 billion euros ($260 billion)over five years, in large part by restoring the autonomy of the French central bank and getting it to lend to the government at cheap rates in order to slash debt costs. "Unlike the others, I am not trying to seduce, but to convince," said the 43-year-old lawyer, who replaced her ex-paratrooper father as party head early last year. "When other candidates are vague on purpose, I am offering concrete proposals in complete transparency," she told a news conference at the party headquarters. An Ifop poll on Thursday for weekly magazine Paris Match showed she could score 21.5% in the first round of the ballot, 2% behind incumbent Nicolas Sarkozy and 5.5 points behind Socialist frontrunner Francois Hollande. [1] PARIS (Reuters) - Far-right presidential candidate Marine Le Pen said on Friday that Qatar's influence on French Muslims was growing and, if elected, she would try to protect France from the threat of Islamist movements in North Africa. The National Front leader, who is running third in opinion polls, is narrowing the gap with incumbent Nicolas Sarkozy and Socialist frontrunner Francois Hollande, and two polls this week showed more than 20 percent of voters would back her in the first round of the presidential contest on April 22. [2]

An IFOP opinion poll on Thursday showed in the first round of the French election in April, Socialist candidate Francois Hollande would take 27 per cent of the vote, followed by Sarkozy at 23.5 percent and Le Pen at 21.5 percent. Marine Le Pen took over the leadership of the FN in January from her father Jean-Marie Le Pen, who stunned observers by making it into the second round of the presidential election in 2002 despite accusations of racism. While sharing her father's far-right views, the blonde, telegenic 43-year-old has sought to soften the party's image. [3]

The president's greatest immediate threat is the rise of Miss Le Pen. An IFOP poll released on Friday put the National Front leader in striking distance of Mr Sarkozy with 21.5 per cent of the vote compared to his 23.5 per cent, raising the possibility she could knock him out to reach the two-candidate second round. The poll followed a survey in Le Monde this week showed that almost a third of voters agreed with the ideas of the National Front. Miss Le Pen has successfully rebranded her party as a French version of UKIP that wants to bring back the franc and slash immigration while debatably toning down its xenophobia. However, she lashed out at Qatar for investing in "Muslim" areas of French cities and for taking over Paris Saint-Germain football club. "We are letting a foreign country choose its investments with regard to the religion of this or that part of the French population or of French territory." Her party, which preaches "national preference", faced embarrassment yesterday after it emerged that a man made "homeless" by Mr Sarkozy's policies featured on party posters was actually a U.S. model. Another photo used Miss Le Pen's party of a derelict factory - to denounce Mr Sarkozy's industrial strategy - turned out to be a picture of a building in the Northern Irish town of Lurgan. Miss Le Pen's hand will likely be further strengthened by reports yesterday that France is about to lose its coveted triple A credit status from the Standard & Poors rating agency. Mr Sarkozy has tied his fate to that of the eurozone and with 100 days to go before the first round, the future of the single currency and the French presidency remains unclear. [4] The far-right leader, Marine Le Pen, is running in third place with 17 to 20 per cent. She is surfing successfully on her moderate image and fears of national decline and economic calamity but does not appear, at this stage, likely to reach the two candidate second round. If Ms Le Pen is to be believed, she may not even reach the first round. Her party, the National Front complained this week that pressure and threats from Mr Sarkozy's party meant she was struggling to gather the 500 signatures from elected officials that she needs to make the ballot paper on 22 April. The perennial centrist challenger, François Bayrou is enjoying his usual January surge in the polls. The candidate of those who can stomach "none of the above", he has risen from single figures to around 15 per cent. As the only candidate in 2007 who warned of the dangers of debt, he is in the unusual position of being a convinced pro-European who stands to gain electorally if the euro falls apart in the next three months. Predicting the outcome of the election is more than usually hazardous this year. [5] The survey of 1,060 people conducted on January 10-11 showed that Hollande and Sarkozy were the favourites to win the April 22 first round, with 27 percent and 25 percent of voting intentions respectively, and go on to the runoff. Despite unemployment at a 12-year high and slowing economic growth, Sarkozy has gained ground in recent polls as he has sought to portray himself as an experienced statesman capable of steering France through the euro zone crisis, in contrast to the relatively inexperienced Hollande. The poll predicted far-right National Front leader Marine Le Pen would come third in the first round with 17 percent - 1 percentage point higher than her showing in December's poll - narrowly ahead of centrist candidate Francois Bayrou, on 15 percent. [6] In the first round, to be held April 22, Socialist candidate Francois Hollande would finish first with 27 percent, followed by Sarkozy with 23.5 percent and National Front candidate Le Pen on 21.5 percent, the poll published today showed today. [7]

Read an article where the financial minister was complaining that England should have had their credit rating lowered down not them. Talk about sour grapes.

Dewi_Sant wrote:

With less than 100 days until the first round of the French presidential race - is Sarko finished?

Not sure it will become a major factor, for at least two reasons:

1- because downgrades hit most EU countries and the US
2- because it will increase pressure for a balanced budget, reducing Hollande's leeway to make promises.

It's to be hoped, at least..

--

tom25 wrote:

Read an article where the financial minister was complaining that England should have had their credit rating lowered down not them. Talk about sour grapes.

The Germans are at that as well. I read an article in Der Spewgel earlier. 'Le Directoire" of the dying eurozone at work. Let them scrap it out, the demise should be fun to watch (and probably make the UK's exit from the eu that bit easier into the bargain - added bonus). Germany calling the tune (or at least it thinks it is), as was always its intention, and france dancing to it.
Meanwhile, the rating of plucky little Luxemburg, that does nothing but sit on the institutions and the cash, goes unchanged. An interesting site from the centre of the (ever decreasing) circle:

www.cvce.eu . . .

More stuff will be coming under the spotlight soon: how the nuclear swindlers AREVA were either swindled out of 1.8 billion euros or the swindle was organised among themselves. Obviously the EDF spivs are involved as well. Another good reason they have no place in GB, same goes for E.On.

Good article if you can read kermitish

www.lemonde.fr . . .

hes not finish, hes hungarian pay attention

However, she lashed out at Qatar for investing in "Muslim" areas of French cities and for taking over Paris Saint-Germain football club. "We are letting a foreign country choose its investments with regard to the religion of this or that part of the French population or of French territory."

The Al-Thanis are conservative/moderate Sunni Muslims. I wouild rather have them influence French Muslims than fucking Salafist extremists.

That, plus they buy a lot of Airbuses...