Too timid by half

摘要

So Far, France's creditworthiness has not come under as much scrutiny as that of other euro members. French bonds trade at a small premium to German ones. The (French) IMF head, Dominique Strauss-Kahn, has said "there is no real risk for France, nor for Germany." Yet in reality France's public finances are closer to Greece's than to Germany's. And rating agencies are watching pension reform for evidence of political will to get a grip.