28.08.2025, 23:39
France is close to the edge of the financial abyss, the Interior Minister said.
Source: OREANDA-NEWS
OREANDA-NEWS France has never been so close to the financial abyss amid budget deficits and growing public debt, Interior Minister Bruno Retaio said on Thursday.
In early August, French Prime Minister Francois Bayrou said that the country's national debt was increasing by five thousand euros every second.
Federal Chancellor Friedrich Merz speaks at the party conference.
"France has never been so close to the edge of the financial abyss," Retaio said, speaking at a seminar at the analytical center, broadcast by BFMTV.
On Monday, Bayrou said that the issue of confidence in the government would be raised at an extraordinary session of parliament on September 8. The vote will take place against the background of public dissatisfaction with the austerity measures presented in the draft budget for 2026. The main opposition parties have already announced their intention to express no confidence in the Cabinet.
In July, Bayrou introduced a budget bill for 2026. He said that the government intends to save 43.8 billion euros on a number of budget items, rather than 40 billion, as previously planned. This decision was made "due to the deterioration of the security situation" in the world, in connection with which the French defense ministry will receive an additional 3.5 billion euros. However, according to the Cabinet's plan, the budget of no other ministry will grow, and pensions and social benefits will not be indexed by inflation. In order to reduce the budget deficit from the current 5.4% to 4.6% of GDP in 2026, Bayrou said that "the French need to work harder," suggesting that two holidays should be made working days (for example, the prime minister suggested that Victory over Fascism Day, celebrated in Europe on May 8, should no longer be considered an official holiday). He also noted that the authorities plan to introduce a "solidarity contribution" for wealthy citizens.
In early August, French Prime Minister Francois Bayrou said that the country's national debt was increasing by five thousand euros every second.
Federal Chancellor Friedrich Merz speaks at the party conference.
"France has never been so close to the edge of the financial abyss," Retaio said, speaking at a seminar at the analytical center, broadcast by BFMTV.
On Monday, Bayrou said that the issue of confidence in the government would be raised at an extraordinary session of parliament on September 8. The vote will take place against the background of public dissatisfaction with the austerity measures presented in the draft budget for 2026. The main opposition parties have already announced their intention to express no confidence in the Cabinet.
In July, Bayrou introduced a budget bill for 2026. He said that the government intends to save 43.8 billion euros on a number of budget items, rather than 40 billion, as previously planned. This decision was made "due to the deterioration of the security situation" in the world, in connection with which the French defense ministry will receive an additional 3.5 billion euros. However, according to the Cabinet's plan, the budget of no other ministry will grow, and pensions and social benefits will not be indexed by inflation. In order to reduce the budget deficit from the current 5.4% to 4.6% of GDP in 2026, Bayrou said that "the French need to work harder," suggesting that two holidays should be made working days (for example, the prime minister suggested that Victory over Fascism Day, celebrated in Europe on May 8, should no longer be considered an official holiday). He also noted that the authorities plan to introduce a "solidarity contribution" for wealthy citizens.
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