Sarkozy: Credit downgrade 'changes nothing'

MADRID - Europe should work together for the reconstruction of Europe, French President Nicolas Sarkozy urged on Monday, while calling the downgrade by Standard &Poor's of France credit rating "changes nothing".

France's President Nicolas Sarkozy reacts as he speaks during a news conference at Madrid's Moncloa Palace January 16, 2012.[Photo/Agencies]

Sarkozy made the remarks during his visit to Spain.

He expressed irritation at S&P's downgrade of nine eurozone countries last Friday and made it clear that it was not the job of such agencies to try and determine government policies.

"I think that it changes nothing, we have to reduce the deficit and spending and improve competitively to improve our economies. France will show solidarity with Spain and Italy, we want their governments to succeed because our economies are all related in Europe," he commented.

Recognizing efforts of Rajoy's Spanish government to cut deficit, Sarkozy urged that "we hope to carry on working together for the reconstruction of Europe," saying that "we are in the face of an unprecedented crisis which means we have to reduce spending and the deficit."