French Prime Minister Francois Bayrou is sticking to his guns on his proposed budget cuts despite being threatened by the socialists and the Greens with an opposing vote that could collapse his government.
In an interview with the French Prime Minister on TF1, the Premier said that “The first victims will be the youngest French people, who will have to pay the debt all their livesโฆ all this for the comfortโฆ of the boomers”. On the following day, the French Prime Minister clarified his comments and said that he was referring to retirees and that they should be the first in-line to support debt reduction measures for the younger generations.
The French Prime Minister is proposing up to โฌ44 billion in budget cuts to reverse the French public’s debt rising trend. ย French public debt stands at around โฌ3.35 trillion with the public deficit coming at 5.8% in 2024 (168 billion). Franceโs public debt is currently at 111.4% of GDP. Up to 44% of the โฌ812 million public debt accumulated since President Emmanuel Macron entered into office in 2017 was concentrated on pensions. 26% was allocated to crises and 7% to public salaries. The rest was allocated to new fiscal measures.
On 8th September, the National Assembly will vote for Premier Bayrou’s proposed budget-cuts which he has tied to a vote of confidence.
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