• Noted Fitch and Moody’s maintained France’s AAA rating
• Nobody doubts the quality of France’s debt
• Insists France can pay its debts
• Holders of French bonds will get all their investment back
• S&P downgraded suboptimal currency area, not Sarkozy govt
• We respected our commitments regarding cutting deficits in 2011
• French economy has strong assets, including high productivity, strong savings
• Must focus on increasing France’s competitiveness
• Must cut debt, deficits, yet fuel growth (and for my next trick the world famous sawing the lady in half!!)