"Our colossal financial debt is the real sword of Damocles above us," Barnier stated, emphasizing the urgency of fiscal tightening as he presented a budget aimed at significant deficit reduction.
France's deficit is likely to exceed 6 percent of GDP in 2024, driven by previous spending measures and tax cuts, prompting the need for a shift in fiscal policy.
The government's approach includes two-thirds spending cuts and one-third tax increases to address the excessive deficit, while preserving critical public services amid widening economic inequality.
With the European Commission enforcing stricter budgetary guidelines, Barnier's administration faces the challenge of achieving a 3 percent debt-to-GDP ratio by 2029 while implementing austerity measures.
Collection
[
|
...
]