France stands by deficit target after ratings downgrade • FRANCE 24 English
a year and a half after its initial warning following the covid-19 crisis American ratings agency standard and pores has downgraded France’s credit score after higher than expected deficit following the announcement France’s Finance Minister defended the government’s spending record and pledged to get public finances back on track you know we have committed to saving 20 billion EUR on government spending by 2024 you’ve seen that we’ve started to take exceptional protective measures against inflation and we’re going to continue on exactly the same path the government is facing pressure to detail another 20 billion EUR worth of savings for next year L mer has promised that the decision would not change the lives of those in France which has a high debt to GDP ratio in comparison to other European countries although lower than that of Greece and Italy France’s public debt is a percentage of GDP last year is higher than that of Germany and Bulgaria and more than five times that of Estonia although S&P did not change its stable outlook for France it has said that political fragmentation would make it hard for the government to put in place reforms needed to balance public finances its decision has prompted two votes of no confidence in the government from opposition parties
French Economy Minister Bruno Le Maire on Friday reaffirmed the government’s goal of slashing the public deficit to below three percent of GDP in 2027 after ratings agency S&P downgraded the country’s credit score.
#France #deficit #economy
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