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France warns on growth as Moody’s starts probe

The Associated Press October 18, 2011, 7:41AM ET text size: TT
France warns on growth as Moody’s starts probe

France’s economic growth next year may be lower than estimated, the finance minister warned Tuesday, after a leading agency indicated that it may put the country’s cherished triple-A rating on notice for a possible downgrade.

Ahead of the 2012 budget debate in parliament, Finance Minister Francois Baroin said on France-2 television that the growth estimate of 1.5 percent for Europe’s No. 2 economy next year was “probably too high.”

He blamed the risk of a global slowdown, which he said could be “very vast” and “severe.”

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