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There are at least six ways a downgrade could affect the EFSF, write Credit Suisse. These are not mutually exclusive and some are fairly straight forward. Nevertheless we found them quite useful, especially for those newish to the scpectre of a French downgrade. The most likely CS scenario is that a French downgrades results in the loss of the EFSF AAA credit rating and thus the beast begins to eat itself and funding costs increase. But there are others...
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