Is France about to follow the PIIGS into financial crisis mode? It's a very real possibility.
S&P cut ratings at BNP Paribas (from AA- to A+) and lowered its outlook on 12 others, including Credit Agricole and Societe Generale citing increased economic risks.
The S&P also cut its French GDP forecasts to close to zero in 2013-14 and revised its economic risk score on the sovereign from 2 to 3.
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