the Senate shoots on sight at Bercy | EUROtoday

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A brand new arrow is caught in Bruno Le Maire's elegant costume. Less than two weeks after the downgrading of the ranking which evaluates the French debt by the Standard & Poor's company, the drift within the public accounts applies to the one who continues to be Minister of the Economy and Finance till the legislative elections of June 30 and July 7, a full-blown assault launched from the Senate.

Read the decryption | Article reserved for our subscribers The downgrading of France's ranking by Standard & Poor's, a warning shot for the federal government

“Reckless forecasts”, “information retention”, “denial”, “bad calculation”, “guilty procrastination” : in a scathing report revealed Thursday June 13, the knowledge mission co-led by the socialist president of the finance committee, Claude Raynal, and the overall rapporteur of this committee, Jean-François Husson (elected Les Républicains, the occasion from which he involves resign), calls into query the federal government's conduct within the face of the sudden slippage within the finances deficit in 2023. Bruno Le Maire assures that he neither lied nor hid something, and reacted as quickly as he may. “The insincerity trial against us is quite sickening”helps its delegate minister answerable for public accounts, Thomas Cazenave.

It all began on March 20, when senators found in an article Echoes that the federal government has simply, with out saying it, considerably revised its estimates on the general public accounts deficit in 2023. Instead of getting reached 4.9% of gross home product (GDP), the most recent official forecast, it ought to in the end have peaked at 5.6% of GDP – the ultimate determine given by INSEE will likely be 5.5%. In twenty-five years, France has by no means skilled such a slide, besides in 2008, in the course of the monetary disaster. This time, rumors of a giant drawback had been circulating, however Bercy refused to present figures.

Overly optimistic

The subsequent day, Jean-François Husson made a shock go to to Bercy to acquire the communication of the paperwork explaining this unexpected deterioration, which forged doubt on the federal government's credibility in budgetary issues and nearly rendered the target of a deficit of 4% out of date. .4% of GDP then set for 2024. Then the mission questions ministers, numerous specialists, and dissects what occurred.

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For Bruno Le Maire and Thomas Cazenave, the exceptionally excessive hole between forecasts and actuality is principally on account of two elements for which they’re by no means accountable. On the one hand, the “global economic slowdown” occurred on the finish of 2023, which restricted public income, whereas expenditure remained “generally held”. On the opposite hand, a change in INSEE's accounting technique, the origin of virtually 1 / 4 of the distinction in query.

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