France public debt levels start to make credit investors twitchy
As problems in peripheral Europe dominated the headlines through the spring and summer of 2010, capital flowed into the government bonds of “core Europe”, including France. But does France deserve that sobriquet or have the financial problems of both the government and banking sector been overlooked by investors?
A study in May 2010 that ranked Eurozone countries according to financial vulnerability showed that, not surprisingly, Greece was the most vulnerable while Germany was the least.
The study used European Commission projections for 2010 to assess a country’s vulnerability to a sudden arrest in external financing by looking at the state of its public finances (deficit and level of debt); the availability of national savings (public and private); and a combination of the need for external finance and
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