BREAKING NEWS

Sarkozy: French AAA rating loss would be surmountable

By REUTERS

DECEMBER 12, 2011 14:17

A loss of France's AAA credit rating would add to the country's difficulties but would not be insurmountable, French President Nicolas Sarkozy said in a interview published Monday.

Sarkozy told Le Monde newspaper that the ratings agencies had identified French banks as a risk to France's rating, but the European Banking Authority had deemed them to need less capital than their German counterparts.

He said this was "good news" and not a single cent of the state budget would go towards raising the 7.7 billion euros in capital the authority said French banks needed.

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