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By Himfr Paul
Europe has become an international credit rating agencies take turns “against” the object.
Fitch Ratings on December 23 announced that due to Portugal and Hungary’s financial situation and economic outlook pessimistic, down two sovereign credit ratings. ECB Executive Board member Stark 24, said Fitch’s approach is worrying, for the end of the debt crisis in Europe did not help, but make the situation worse.
Core EU member states, although France’s sovereign credit has been “warning”, but its S & P sent in before Christmas Eve, “peace symbol”, confirmed the country’s “AAA” rating.
Fear of the Portuguese economy will decline
Portugal deficit reduction because the slower pace of work, and the Government and the Bank’s financing environment has become “more difficult”, the national long-term foreign and local currency rating from “AA-” down a file to “A +”.
Fitch has also against Portugal, “the short-term economic outlook deteriorating,” expressed concern. Fitch believes that the Portuguese economy will face “extreme challenges”, 2011, the country’s economy will enter recession.
Portuguese government plans, the budget deficit in 2012, the ratio of GDP to 3% by 2013 and further to 2%, and in 2012 the ratio of public debt to GPD peaked at 86%. However, Fitch believes that to achieve these objectives, the Portuguese government needs to take additional measures. Portuguese Government data released in December, three-quarter GDP growth of only 0.3% qoq, due to sluggish domestic demand, growth prospects.
Prior to that, the other two rating agencies Standard & Poor’s Ratings Services and Moody’s Investors Service are in the month of Portugal’s sovereign credit rating issued a warning.
Deterioration of the Hungarian debt
Fitch, 23, also announced that, due to the Hungarian budget situation deteriorated, and foreign currency debt high, the country long-term foreign currency issuer default rating from “BBB” down to “BBB-“, the long-term local currency issuer default rating from “BBB +” down to “BBB”, the two rating outlook is “negative”; Fitch while Hungary’s “A” Class ceilings lowered to “A-“, and confirm the short-term foreign currency issuer default rating to “F3”.
Fitch’s Emerging Europe sovereign ratings, said Parker, head of the Hungarian medium-term base budget situation has deteriorated significantly, and the higher the government and the banking sector foreign currency debt, making it difficult to resist the negative impact of the country.
Hungarian Ministry of Economic Affairs said later, the rating was not reduced accidents, the ministry said Fitch never released the expected improvement in the financial situation in Hungary, “rating downgrades in the short term financing capacity of the Hungarian cause harm.” But the ministry said, “Fitch does not fully consider the economic development situation in Europe in 2011 Hungary is in addition to Sweden, the only way to reduce the deficit of the EU member states.”
The date of the Hungarian Parliament adopted the government budget for fiscal 2011, plans to GDP, the ratio of budget deficit from 3.8% in 2010 fell to 2.94%, 3% in line with EU requirements. Hungarian government said the country will be able to cut the budget deficit stability, while restoring economic growth.
Maintain the AAA rating in France
International rating agency Standard Poor’s Ratings Services, 23 confirmed that the French long-term and short-term sovereign credit ratings are “AAA” and “A-1 +”; rating outlook are stable.
S & P credit analyst Mark Moss Nick said Standard & Poor’s believes that the French government will continue implementing fiscal consolidation measures, the country in 2013 to a deficit-GDP ratio fell to around 3%, the agency approved the current GDP of France growth and domestic consumption trends, in favor of its stable political environment and prudent economic policy direction.
Currently, the French economy only moderate growth and high unemployment are the major challenges it faces. French National Employment Office and the Bureau of Labor Statistics 24, announced in November the number of unemployed increased to 269.81 million 2.13 million, the unemployment rate rose by 0.8% qoq, creating the largest monthly increase in six months; rose 2% year on year, higher than October an increase of 1.8%. French government expects GDP growth in 2010 will be 1.6% of GDP in 2011 is expected to grow 2.0%, but still insufficient to support the job market quickly rebound.
About the Author: My name is Himfr Paul, I am a editor from frbiz.com, and what I do is just to prmote a free online trade platform. http://www.frbiz.com/ contain a great deal of information about
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