Well, now that G-Pap appears to be gone, it looks like trying to ring fence the debt crisis in Greece might be too little too late.
France is now preparing for impending budget cuts. Looks like the Greeks weren't the only ones working through the weekend... so were the French government ministers. Sarkozy's government needs to trim another 6 to 9 billion euros from the budget. If France loses its AAA rating, more dominoes would go off, hopefully not as bad as when the US lost its AAA rating, but we'll just have to wait and see what develops. We'll also still need to watch the US to see if if any grand agreement comes out of the super committee (not holding my breath); otherwise, we may see further US downgrades in credit ratings from S&P.
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