Investigation begins into credit rating 'blunder'
Saturday 12 November 2011
French and European investigations were under way yesterday after a "blunder" by a credit rating agency wrongly suggested that France had lost its triple-A debt rating.
The French Finance Minister, François Baroin, said the mistake by Standard and Poor's (S&P) – although rapidly corrected – was "shocking". The European Commissioner for Financial Affairs, Michel Barnier, spoke of a "very serious incident". The mistake on Thursday evening intensified speculation against French government debt and led some French and European officials to talk of a possible market "conspiracy" against France and the euro.
"When you know that many billions of euros can be traded every second on the bond markets, you have to ask who might benefit from false information of this kind appearing ... on trading screens all over the world," one French finance ministry official said.
An electronic message from S& P said: "Alert, French Republic downgraded." A few minutes later, the message was cancelled and described as a "technical error". The agency added that France's prospects remained "stable".
- 1 Forget 'The Dress': Here are five of the biggest news stories you might have missed
- 2 The black and blue dress: Makers considering a white and gold version
- 3 PornHub turns masturbation into energy in bid to save the planet
- 4 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
- 5 Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
Saudi Muslim cleric claims the Earth is 'stationary' and the sun rotates around it
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
£9 per hour: Recruitment Genius: This role is based within a small family run ...
£28000 - £32000 per annum: Recruitment Genius: This Design and marketing agenc...
£46000 per annum: Recruitment Genius: This property investment firm are lookin...
£18000 - £35000 per annum: Recruitment Genius: This company specialises provid...