France review from Standard & Poors.
- They believe that France likely to stay the course on economic reforms although they see implementation risks
- Negative outlook indicates that S&P could lower long-term rating this year or next if France deviates from its fiscal path
- Projects that current account deficit will stabilize at around 1% of GDP in 2015-16
- Anticipate a somewhat smoother fiscal adjustment path over 2015-2018
There is lots of good news here and it's clear that the negative outlook will be removed if France stays on its current path for another 6 or 12 months.
But it's not enough good news to move the euro, which has slid back down to 1.0589 after rising to 1.0635 a few hours ago.
