[Osem]

France's new finance minister has reiterated that the country's new socialist government will not ratify the European Union's (EU) fiscal pact.

Pierre Moscovici said the pact would have to include provisions for growth before France signed up.

http://www.bbc.co.uk/news/business-18101338

and in other news:

Ratings agency Moody's has cut the credit ratings of 16 Spanish banks, a further blow to a country that is struggling to deal with the bad debts of its banking sector. It also cut the debt rating on Santander UK, a subsidiary of the Spanish banking giant. It comes after shares in struggling lender Bankia fell another 14%. They have almost halved in value this month.

http://www.bbc.co.uk/news/business-18100049