Sarkozy unaware of true scale of crisis
Press TV
French President Nicolas Sarkozy has downplayed the recent measure by Standard & Poor's (S&P) to downgrade France's credit rating, saying it would "change nothing" for his country.
Sarkozy made the remarks in a news conference in Spain's capital Madrid. He warned that Europe faces an "unprecedented" crisis and must rediscover growth. The French leader warned against panic after Standard & Poor's on Friday cut the credit rating of nine countries, stripping France of its top-notch AAA rating.
Moody's Investors Service soothed some of the pain, confirming France's AAA rating. Sarkozy's challengers for the presidency have seized on the S&P downgrade as evidence that his policies are wrong-headed and ineffective.
Press TV has conducted an interview with Paul Sheldon Foote, professor of California State University, to further discuss the issue
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