On Tuesday yields on French 10-year bonds surpassed
German peers by 155 bp. The widest gap of 200bp was reached on Nov 17 when it
hit the record low since 1990. Currently France's yields exceed AAA rated UK counterparts over 1 percentage point. According to Bill Blain, Newedge Group's
strategist, markets do not wait for Moody's or Standard & Poor's judgement
and already have downgraded French bonds.