France’s credit rating, that is. “Standard & Poor’s has downgraded France’s credit rating, French TV reported Friday, while several euro zone countries face the same fate later in the day, according to reports.” Maybe because that “strict” 2012 budget France passed still had a budget deficit of 4.5% of GDP, despite the EU having a “limit” (in much the same way the Professional Wrestling has a “limit” on fouls) of 3.0%.
That would be the second largest economy in the Eurozone behind Germany, and the fifth largest in the world.
And the U.S. Federal Government’s 2012 budget deficit is running at about 6.9% of GDP…
Tags: Europe, European Debt Crisis, France, Welfare State