TRG would like to thank The Economist for doing a guest post this week... OK, not exactly, but the leader 'Tick Tock' in this weeks edition basically hits on all the topics that should be listed here. It was awfully nice of them to come through when TRG had taken such a low profile for August. Funny, but being retired does not seem to preclude an August break!
France is still waiting for word on their credit rating from Fitch and Moody's. Considering that they have been on negative review since December (Fitch) and October (Moody's) of last year the verdict should be out soon. Moody's has recently become more negative on Europe so it's hard to imagine that they will have nice things to say for France. It seems likely that the news will not be good, and as TRG has pointed out before, this could lead to trouble.