''Is this the beginning of the end?
S&P announced a reduction of France from AAA to AA.
As it turns out, S&P's December 5th warning was not addressed to satisfy fears in the market.
What does a downgrading of France really mean?
It means that a market fatigue has reached its maximum. Patience has run out over the last two years while waiting for a notable reaction for handling the euro.
We've had more than enough telephone calls between country leaders. We've had more than enough long Euro summits. And we've had more than enough big announcements. The crisis was still not handled.
Basic economics should not be forgotten. The euro is a single currency, which represents productive models of 17 different countries. All of them very much bound by rather sticky and high productivity costs.''
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