"Look at CDS, not credit downgrades'

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