France has suffered a serious blow to its economic credentials after being stripped of its prized AAA credit rating by Moody’s. The rating agency said France’s long-term economic growth had been hit by its inflexible labour market and low levels of innovation eroding its competitiveness and industrial base.Moody's also flagged up the country’s exposure to the continuing eurozone crisis.It warned the “predictability” of France’s resilence of further shocks in the eurozone was diminishing while the country’s exposure to the highly indebted countries such as Spain and Greece was disproportionately high.In a statement Moody’s said: “Further shocks to sovereign and bank credit markets would further undermine financial and economic stability in France as well as in other euro area countries. http://www.telegraph.co.uk/finance/financialcrisis/9689457/F...----I've got an idea! France just raised taxes to 75%. Let's take them up to Krugman levels of 90% and see how many more millionaires, billionaires, and businesses flee the country! t.
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