Eurozone Back on The Brink as France Has Credit Rating Downgraded !

• Things will get progressively worse until the entire financial system collapses! Practically all major western banks are bankrupt! Got physical gold yet?
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  Eurozone back on the brink as France has credit rating downgraded! 
  By James Kirkup, http://www.telegraph.co.uk/ 
  The eurozone crisis entered a dangerous new phase as France and eight other European countries had their credit ratings downgraded.
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  Stock markets and the single currency fell sharply as Standard and Poor’s cut France’s AAA rating. Italy saw its long-term rating drop by two notches, along with Spain, Portugal and Cyprus. Austria, Malta, Slovakia, and Slovenia had their ratings lowered by one notch. The move triggered a backlash from European politicians and led to calls for Britain to be downgraded too.
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  It represents a further loss of confidence in the single currency and the European Union’s ability to rescue indebted eurozone members. The Treasury believes that any collapse of the euro could seriously damage the British economy and banking system, pushing the UK back into a deep recession. The agency’s move also threatens to torpedo the main European bail-out fund set up to support struggling countries such as Greece and Portugal.
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  There are growing fears that Greece, which was not reassessed, is edging closer to defaulting on its debts and being forced out of the single currency. Talks between the country and its creditors were put on hold. There was no change for Germany, the Netherlands, Ireland, Belgium, Estonia, Finland or Luxembourg.
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  The blow to France is the most significant. It has held a AAA rating since 1975. As well as hurting national pride, the lower rating will inevitably mean the country faces higher borrowing costs. It will also affect the eurozone bail-out fund, which is at the heart of efforts to ease fears about the currency bloc, as France is partly responsible for underwriting it.
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  Those worries pushed the single currency to its lowest value against the US dollar since mid-2010. The euro also fell against the pound to 82.9 pence.
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  … for more click here!

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