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France has "total confidence" in US economy

08-08-2011 10:54 BJT

PARIS, Aug. 6 (Xinhua) -- France has "total confidence in the solidity of American economy," the Economy Minister Fracois Baroin was quoted by AFP on Saturday.

"France has a total confidence to the solidity of American economy and its fundamentals, as well as to the determination of American government to implement the educing deficit plan approved by the Congress this week," Baroin said.

His comments came after the rating agency Standard & Poor's downgraded the US rating from "AAA" to "AA+", owning to the market concerns over the widening American budget deficit.

Referring to the degrading, Baroin said Standard & Poor's rating is just one element to appreciating the US financial situation, as the other two major agencies Moody's and Fitch both "confirm their triple A for the United States."

According to AFP, Baroin is the first voice of European official reacting to the US debt degrading news.

Citing the rating change, he pointed out that all developed countries today have to deal with two major priorities: "boost the growth and reduce public and private debt."

Finance ministers of all the group of Seven are said Friday to have a meeting soon to discuss current economic and financial problems, according to the announcement made after the telephone talks between French President Nicolas Sarkozy, German Chancellor Angela Merkel and Italy Prime Minister Silvio Berlusconi.

"The G7 ministers are in constant contact to monitor the market situation and discuss necessary actions," Baroin said, confirming Sarkozy's position mentioned by Italian Berlusconi's government on Friday.

Sarkozy and Merkel also had telephone conversations with US President Barack Obama on Friday night, discussing global economic situations, according to Elysee Palace.

Editor:Wang Xiaomei |Source: Xinhua

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