Sarkozy Summons Ministers to Discuss Cuts After Moody's Report, Times Says

France’s President Nicolas Sarkozy ordered Prime Minister Francois Fillon, Finance Minister Christine Lagarde and Budget Minister Francois Baroin to interrupt their holidays for a meeting on the economy after Moody’s Investors Service warned that the country is closer to losing its AAA credit rating, the London-based Times reported, citing unidentified government officials.

The meeting, set for tomorrow, will discuss a new package of cuts, the newspaper said.

Moody’s said France, along with the U.S., Germany and Britain, is “well positioned” to keep the top rating, but faces a reduced “distance-to-downgrade” because of the challenges associated with fiscal adjustment, the Times said.

To contact the reporter on this story: Alan Purkiss in London on apurkiss@bloomberg.net.

• Tweet
• More
  • Business Exchange
  • Buzz up!
  • Digg
• Print
• Email