Associated Press, On Wednesday August 10, 2011, 11:23 am PARIS (AP) -- President Nicolas Sarkozy cut short his vacation Wednesday and promised to cut France's huge debts in response to rising concerns that the country's triple A debt rating could be cut.
He announced no new austerity measures, and the pledge to stick to existing commitments wasn't enough to keep shares in French banks plummeting in mid-afternoon trading on the Paris stock exchange over worries about the bond rating and the European debt crisis. French bank Societe Generale's shares plunged more than 20 percent at one point, while stock in BNP Paribas was off nearly 10 percent and Credit Agricole fell more than 14 percent. http://finance.yahoo.com/news/French-bank-stocks-plunge-on-apf-4007781841.html?x=0 '+'
