February 4th, 2012 
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The latest EU’s attempts to bring the euro crisis to an end.
On Monday night, January 23rd, 2012, the Euro zone finance ministers reached an agreement on a contract for a permanent euro bail out fund – the European Stability Mechanism (ESM), which is worth 500 billion euro. The ESM is about to replace the European Financial Stability Facility on July 1st, 2012, one year earlier than originally planed.
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France’s credit rating downgraded.
On Friday, January 13th, 2012, Standard&Poor’s, a credit rating agency, downgraded the credit ratings for nine Euro zone countries. France’s rating was downgraded by a notch, from a top AAA to AA+. However, the country still has AAA rating from the other ratings agencies, Moody’s and Fitch. The S&P’s decision is a bitter blow to the French president Nicolas Sarkozy and will wound the French pride.
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