the federal government criticized after the reducing of France's ranking by the S&P company | EUROtoday

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Lhe ranking company S&P Global Ratings lowered France's sovereign ranking on Friday, for the primary time since 2013, from “AA” to “AA-“, sanctioning the “deterioration of the budgetary position” of the nation. “France’s budget deficit in 2023 was significantly higher than we had expected,” justified the American firm in an evaluation accompanying the word.

The perspective of three% in 2027

However, the Minister of the Economy Bruno Le Maire reaffirmed his want to convey France's public deficit under 3% in 2027. A perspective that the S&P ranking company doesn’t share within the present state of affairs. information.

“Our strategy remains the same: reindustrialize, achieve full employment and maintain our trajectory to return below the 3% deficit in 2027,” declared Bruno Le Maire at Parisian. “The main reason for this deterioration is that we saved the French economy” within the face of the well being disaster and inflation, he declared. “There will be no impact on the daily lives of the French. Let us take the proper measure of this decision. We remain at a very good rating level. It's like we went from 18 to 17 out of 20! Our debt easily finds buyers on the markets.”

The oppositions react

A perspective supported by the Minister for Public Accounts Thomas Cazenave, who believes that this deterioration “only reflects an imperative that we already know: that of continuing the restoration of our public finances”. According to him, the target of falling under the three% deficit in 2027 “does not change”. “This note does not detract from the good results of our economic policy.”

Nine days earlier than the European elections, the oppositions started to undermine the federal government. “The catastrophic management of public finances by governments as incompetent as they are arrogant has put our country in very serious difficulties with record taxes, deficits and debts,” denounced on X the pinnacle of the deputies of the National Rally Marine Le Pen.

For the pinnacle of the Republicans Eric Ciotti, France is “sanctioned for its errors and its budgetary inconsistencies”, he writes on the identical social community, denouncing “the pitiful management of public finances of the Macron/Le Maire duo”, whereas the LR president of the Ile-de-France area Valérie Pécresse was indignant: “They burned the fund, and now when will we see the courage for good management and putting our accounts in order?”

For the LFI president of the Finance Committee of the National Assembly Eric Coquerel “there is no doubt that the Government will use this decision to justify further budget cuts”. “The only results to expect will be the deterioration of our public services and the reduction of our means to respond to climate and social emergencies.”

Debout la France MP Nicolas Dupont-Aignan deplored “the disastrous management of the government's public finances”, saying that it was “time” for Finance Minister Bruno Le Maire “to resign and the rest of the government with it”. He known as on deputies to “vote on the motion of censure this Monday”, whereas two texts to this impact had been tabled on Friday by the RN and LFI.