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As France loses its coveted AAA-rating, economists are questioning whether the tide is turning for a country that has enjoyed record low borrowing costs, and indeed whether the second largest economy in the euro zone is in jeopardy.
"The tide is turning for France. Although the country's bond market is likely to remain resilient — the yield on 10-year paper is little changed [Tuesday] morning and still stands a whisker above its record low of 2.06 percent on July 19 — French debt looks more and more overvalued relative to fundamentals,” Nicholas Spiro, Managing Director of Spiro Sovereign Strategy, said in a note on Tuesday.
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