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Franco-German fiscal plan "promising": S&P

A plan by France and Germany to increase fiscal integration between European countries is "promising" and could help avoid a mass downgrade of euro zone countries by Standard & Poor's, a director with the ratings agency said on Tuesday.


New York: A plan by France and Germany to increase fiscal integration between European countries is "promising" and could help avoid a mass downgrade of euro zone countries by Standard & Poor's, a director with the ratings agency said on Tuesday.

Frank Gil, senior director of European Sovereign Ratings at S&P, said Friday's crucial EU summit could be seen as successful if leaders came up with "some indication" that they have a strategy to spur economic growth and mutualization of risk.

"There could be at least what we heard already from the French and the Germans, (which) looks potentially promising: a shift towards some sort of fiscal transfer, some sort of fiscal sharing," he said in an interview with Reuters Insider.

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