The updated cepDefault-Index makes clear that the euro crisis has not been averted. The Index shows that, with the exception of Ireland, the crisis countries in receipt of financial assistance have not succeeded in halting the decline in creditworthiness. Italy’s creditworthiness has been deteriorating continuously since 2009. The reforms implemented so far are insufficient.
Moreover the creditworthiness of France is under threat. Even if the French situation is not yet as dramatic as in the southern European countries, it still requires an urgent course correction. A drop in France's creditworthiness could place the entire Euro rescue package in doubt therefore the trend in French creditworthiness is of significant importance for the future development of the Euro Zone.