Note: this daily will not have links as I am still on holiday. But, I will begin to post more in the coming week and resume a normal posting schedule next week.
Yesterday, Moody's Investors Service finally downgraded the sovereign credit ratings for France from AAA. This was a long time coming because France's sovereign fundamentals are no better than Spain's and Spain is in the midst of a severe crisis. Look at the euro nations with the largest deterioration in their fiscal situation and France stands out with Slovakia as having the highest deficit of the non-crisis eurozone countries.
There are two ways to look at this. First, it could well be that the euro crisis is not just about debt and deficits since only Spain and Italy have been in the hot seat. That is the conclusion I have drawn...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.