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5 billion euros ($214 billion)

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Canada canadagoosetomall Goose online Fitch says new shocks could threaten France’s AAA Canada Goose online

PARIS (Reuters) France would have limited room to absorb any new shocks to its public finances Canada Goose Parka without endangering its AAA status, Fitch Ratings said on Wednesday, in the latest sign canada goose coats that the euro crisis could rob France canada goose clearance sale of its cherished top tier rating.

In a special report on French public finances, Fitch said France debt and deficit were consistent with a AAA rating but said shocks such as a further economic slowing or provisions for banking sector support could put the rating in peril.

The Canada Goose online report kept upward pressure on French borrowing costs after Moody warned on Monday that a sustained rise in yields coupled with weaker growth could harm France ratings outlook.

canada goose black friday sale to the situation of other major sovereigns, the increase in government debt has largely exhausted the fiscal space to absorb further adverse shocks without canada goose store undermining their status, Fitch said. canada goose black friday sale

Canada Goose Parka principal concern with respect to France is that the intensification of the euro zone crisis will generate contingent liabilities that will be crystallized onto the sovereign balance sheet. Canada Goose Parka

cheap Canada Goose The Fitch analysis followed reports, denied by France and Belgium, that a restructuring deal for Franco Belgian bank Dexia may have to be renegotiated, with Brussels canada goose clearance pressing Canada Goose sale Paris for more canadian goose jacket funding guarantees. cheap Canada Goose

canada goose coats French 10 year bond yields uk canada goose were little changed on the Fitch note, having already risen as high as 3.73 percent earlier in the day on buy canada goose jacket the Dexia report, following several days when traders have pushed French yield premiums over German Bunds to new highs. canada goose coats

canada goose Fitch did not hint at putting France on a negative outlook, saying: public finance metrics remain consistent with retaining its AAA cheap canada goose uk status. canada goose

Canada Goose sale But it added: a stress scenario in which the euro zone crisis intensifies with adverse consequences for growth and crystallization of substantial contingent liabilities from its exposure canada goose to the peripheral canada goose factory sale nations, France AAA rating would be at risk. Canada Goose sale

canada goose clearance It said the threat of bigger liabilities over financial support for uk canada goose outlet the banking sector was a particular concern. canada goose clearance

buy canada goose jacket cheap FALTERING ECONOMY WEIGHS The head of France AMF securities markets regulator acknowledged the Canada Goose Jackets market was focusing on the country AAA rating, but he said other top rated euro zone countries were canada goose uk outlet also in the same position. buy canada goose jacket cheap

is for reasons which seem irrational to me because the fundamentals have not varied more here since the spring than they have in United Canada Goose Coats On Sale Kingdom or the United States, Jean Pierre Jouyet told Les Echos newspaper.

canadian goose jacket AAA is a European bet because it shapes the stability of the EFSF buy canada goose jacket cheap (euro zone bailout fund), he said. canadian goose jacket

canada goose clearance sale France maximum exposure through the EFSF is 158.5 billion euros ($214 billion), equivalent to 8 percent of gross domestic product, and if all that had to be Canada Goose Outlet used, France would have little fiscal space left to absorb Canada Goose Online other liabilities, Fitch said. canada goose clearance sale

canada goose deals has lost its status of safe haven in the euro zone, said Diego Iscaro, senior economist with IHS Global Insight. canada goose deals

the moment it is not that worrying. Yields are still relatively low. The problem is. will this deteriorate?

Canada Goose Outlet Stress scenarios aside, Fitch sees France debt peaking at 90 percent canada goose coats on sale of GDP, similar to Britain and less than in the United States, and it praised France commitment to debt reduction. Canada Goose Outlet

canada goose coats on sale Faltering growth has, however, prompted President Nicolas Sarkozy to announce two waves of cost cheap Canada Goose cutting measures. Further measures would be politically difficult with a presidential election in April. canada goose coats on sale

Canada Goose Jackets The government recently cut its 2012 growth forecast to 1 percent from 1.75 percent, a level many economists still see as optimistic. canada goose to mall Given the likelihood of France entering a recession next year, many investors canada goose uk shop have already discounted a rating downgrade for the No. 2 euro zone economy. Canada Goose Jackets

canada goose store Fitch saw France public deficit at 4 percent of GDP in 2013 and said the country 3 percent goal for that year would require additional fiscal measures. canada goose store

buy canada goose jacket The canada goose black friday sale head of France debt management agency, Philippe Mills, said in an interview with the daily Les Echos on Wednesday that a rating downgrade would be costly and could take canada goose uk black friday years to repair buy canada goose jacket.

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