-- S&P Global Ratings downgraded France, tarnishing President Emmanuel Macron’s record for debt management and plunging him deeper into political difficulties a week before European elections.In a statement on Friday, the credit assessor highlighted the French government’s missed goals in plans to restrain the budget deficit after huge spending during the Covid pandemic and energy crisis.
“The catastrophic management of public finances by governments that are as incompetent as they are arrogant has put our country in grave difficulties, with record taxes, deficits and debts,” she said in a message on X late Friday. The ratings cut puts France seven notches above junk on S&P’s scale, on a par with the Czech Republic and Estonia. The outlook on the rating is stable.
The Finance Ministry initially responded to the deterioration by pledging additional spending cuts this year. But that belt-tightening was insufficient to avoid having to pare back longer-term pledges to fill budget holes. “France is sanctioned for its errors and budgetary inconsistencies,” Eric Ciotti, head of Républicains said in a message on X. “This is where the pitiful management of public finances of the Macron-Le Maire duo leads us.”
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