"France's public debt has ballooned to a record €3.4 trillion, official data showed Thursday, piling pressure on new Prime Minister Sébastien Lecornu as he confronts protests and political turmoil. Lecornu was appointed by President Emmanuel Macron earlier this month to succeed François Bayrou, who was ousted by parliament in a fight over his austerity budget after just nine months on the job."
"The debt is up from €3.3 trillion in March, equivalent to 113.9 percent of GDP. Lecornu has yet to form a new government and must deliver a budget proposal to parliament by mid-October. READ ALSO 'Macron's loyal soldier' - Who is new French prime minister Sébastien Lecornu? Unions have announced fresh demonstrations for October 2nd after hundreds of thousands of people protested across France last week over Macron's austerity plans."
"Lecornu, Macron's seventh head of government since 2017, has vowed a break from the past in a bid to defuse the political crisis. He has tried to calm anger by promising to abolish life-long privileges for former prime ministers and Bayrou's plan to scrap two public holidays. Bayrou had proposed a series of measures he said would save €44 billion to curb France's high debt."
France's public debt reached a record €3.4 trillion in the second quarter, equal to 115.6% of GDP, up from €3.3 trillion (113.9% of GDP) in March. Sébastien Lecornu was appointed prime minister earlier this month after François Bayrou was ousted by parliament over an austerity budget. Lecornu must form a government and submit a budget proposal to parliament by mid-October. Large protests and union-announced demonstrations are expected as opposition to austerity continues. Lecornu pledged reforms including abolishing life-long privileges for former prime ministers and reconsidering Bayrou's plans to scrap two public holidays. Bayrou had proposed measures to save €44 billion.
Read at The Local France
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