Austria 's credit downgrade hidden behind France but could have wide repercussions . Most attention Friday was focused on France -- Europe 's second largest economy -- as Standard & Poor 's cut its rating on French sovereign debt . Comment: As in the U.S. and across Europe there is fierce debate over balancing tax increases and spending cuts to reduce the deficit . Some economic historians believe it was a banking failure in Austria that triggered what would become known as the Great Depression .
Austria 's credit downgrade hidden behind France but could have wide repercussions . Comment: As in the U.S. and across Europe there is fierce debate over balancing tax increases and spending cuts to reduce the deficit . Some economic historians believe it was a banking failure in Austria that triggered what would become known as the Great Depression .