• Noted Fitch and Moody’s maintained France’s AAA rating
  • Nobody doubts the quality of France’s debt
  • Insists France can pay its debts
  • Holders of French bonds will get all their investment back
  • S&P downgraded suboptimal currency area, not Sarkozy govt
  • We respected our commitments regarding cutting deficits in 2011
  • French economy has strong assets, including high productivity, strong savings
  • Must focus on increasing France’s competitiveness
  • Must cut debt, deficits, yet fuel growth (and for my next trick the world famous sawing the lady in half!!)