Downgraded France says it needs more time

France’s government has shrugged off the latest downgrade of its credit rating, saying Tuesday that it just needs time for reforms to the sluggish economy to take root.

Socialist President Francois Hollande noted that markets barely budged on the credit rate cut by Moody’s Investors Services, and said that was a sign the government should stay its course of gradual budget tightening. But he also used the downgrade to warn the French that the country can no longer avoid “the most difficult decisions” if it wants to preserve its “credibility.”

via Business feed http://www.scmp.com/business/economy/article/1087359/downgraded-france-says-it-needs-more-time