Franco-German euro plan is 'the' response to S&P: France

The French-German plan to overhaul the EU treaty is the response to ratings agency Standard and Poor's which warned eurozone nations of possible credit downgrades, French Foreign Minister Alain Juppe said on Tuesday.

Juppe argued that S&P had prepared its warning, issued late on Monday, before it had knowledge of the decisions announced by Germany and France earlier in the day.

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AFP