Only A Flesh Wound

“France’s Socialist government reacted with fury to its credit rating being downgraded yet again because of high taxes, unemployment and public spending.

Standard & Poor (S&P) poured humiliation on President Francois Hollande and his ministers on Friday by cutting its AA+ to AA.

The move comes almost two years after the country lost its top-rated AAA status.

S&P said it was applying another cut because Socialist reforms showed no prospects of leading to economic growth.”