Discover the irony behind France’s staggering €3.228 trillion public debt, humorously mentioned by ex-finance minister Bruno Le Maire. Despite touting his saving of the French economy, the reality is starkly different. The aftermath of Covid-19 saw growth and low unemployment amid high public spending, pushing the nation’s debt to alarming levels, now considered a looming threat.
Dubbed “Mr. 1,000 trillion” by critics, Le Maire’s tenure witnessed a significant increase in public debt, well exceeding GDP limits set by the EU. An ongoing trend of budget deficits over 50 years, encompassing government, social security, and local authority shortfalls, intensified the financial burden, pointing towards a potential financial crisis.
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Subscribers only French debt crisis puts renewed pressure on interest rates
Subscribers only French debt crisis puts renewed pressure on interest rates