Update on Le Monde's Situation

Here.

BNP Paribas Downgraded

Fitch has downgraded BNP Paribas from AA to AA-.

Double Talk

Rigor talk is still out at home, officially speaking, but it's OK in the City. Claude Guéant told the Financial Times that France is going to do "much more" than it already has to cut spending. This is what the City wants to hear. It's sort of reminiscent of those officials in the Middle East who say one thing in Arabic or Hebrew and another in English.

Bank Bails on Les Bleus

You know that your reputation has suffered when even a bank feels it's better off without your endorsement.