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Sarkozy says debt rating downgrade "not insurmountable"


09:06, December 13, 2011

PARIS, Dec. 12 (Xinhua) -- French President Nicolas Sarkozy said Monday the possible downgrade of the country's triple A debt rating would present an additional difficulty for the government but "is not insurmountable."

In remarks published by the local daily Le Monde, Sarkozy said France still enjoyed its AAA rating and able to cope with the challenge of an eventual downgrade with "a cold blood and calm."

"What matters most is the credibility of our economic policy and determined strategy to reduce our spending. We will respect strictly the commitments we made," Sarkozy added.

Last Friday, U.S. rating agency Standard and Poor's said to decide whether to lower or not the rating of 15 members of the eurozone after taking into consideration the recent decisions of the European Council.

Asked about the forthcoming steps to solve the euro crisis after Brussels meeting, Sarkozy noted that the legal content of the new EU treaty will be ready in two weeks with "an objective to reach a treaty in March."

"It's clear now that we have two Europes. The one who wants more solidarity among its members and regulation. The other one that sticks to the logic of the market," Sarkozy said referring to Britain's block of the new intergovernmental treaty proposed by Paris and Berlin to enforce stricter budget discipline among European Union.

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