“I have to tell you, in reality the main reason for this downgrade is that we saved the French economy,” Le Maire stated in an interview with Le Parisien revealed proper upcoming the scores resolution used to be introduced. The downgrade “will have no impact on the daily life of the French,” he stated.
“This essential spending has obviously increased our debt, but also allowed us to save our businesses and jobs,” Le Maire added.
Month lauding generation French labor-market reforms undertaken underneath French President Emmanuel Macron, the score company expressed doubts at the govt’s talent to create additional reforms with out an absolute majority within the parliament.
“We believe political fragmentation adds to uncertainty regarding the government’s ability to continue implementing policies that increase economic growth potential and address budgetary imbalances,” S&P wrote. The finances dearth is forecast to stay above 3 % of rude home product into 2027, the company stated.
The score resolution got here a time upcoming Le Maire celebrated his file seven-year tenure on the financial system ministry through sharing some charcuterie and wine together with his closest allies on Thursday.
Next years of fat spending to stand the industrial crises led to through the pandemic, top power costs and Russia’s invasion of Ukraine, France is now tightening the belt. Le Maire’s ministry in April introduced spending cuts of €10 billion for the second one presen this yr.
