Le Pen's French debt plan would trigger default, S&P tells Economist

France would default on its sovereign debt if it unilaterally converted its euro-denominated obligations into new francs following a National Front election victory, a senior executive at ratings agency Standard & Poor's told The Economist. "There is no ambiguity here," Moritz Kraemer, S&P's head of sovereign ratings, said in a letter published in the weekly magazine's latest edition. "If an issuer does not adhere to the contractual obligations to its creditors, including payment in the