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WireTap 1400 16/12/11

A round-up of the key stories across the specialist financial media, including the French finance minister claiming his country's economy is in better shape than Britain’s

Baroin stokes war of words with Britain 

French finance minister François Baroin said on Friday the economy was in better shape than Britain’s, despite the latest official estimates that the economy has slipped into recession and will recover only weakly next year.

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Fitch downgrades seven banks

Fitch Ratings has cut its long-term ratings for seven major banks in Europe and the US, warning that big financial institutions “are particularly sensitive to the increased challenges the financial markets face”.

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Europe's ills threaten global M&A market 

Dealmakers could find themselves with even more free time on their hands next year if Europe's fiscal roadmap fails to convince investors and stabilize global markets.

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India profit forecasts cut deepest since 2009 as Sensex sinks most in world

Indian stocks are ending 2011 with the biggest decline among the world’s largest equity markets, and analysts say the worst is yet to come. 

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Financial regulators sanction Citi Japan 

Citi's Japan units were sanctioned yet again by financial regulators, this time for hoisting inappropriate products on customers and trying to influence short-term interbank interest rates.

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