Mr. Moscovici blamed the country's high debt figure on">
Mr. Moscovici blamed the country's high debt figure on">
Mr. Moscovici blamed the country's high debt figure on">
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French debt to hit nearly 2 trillion euros in 2014

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Staff writer ▼ | September 19, 2013
The report by Le Figaro said the French government plans to announce next week that the debt will reach €1.95 trillion by the end of 2014, or 95.1 percent of the country's GD), higher than previous government estimates.

Public sector debt, including central government, welfare and local authority debt, stood at 90.2 percent of GDP at the end of last year. The French government had been counting on public debt to peak in 2014 at 94.3 percent of GDP.

In an interview with France 2 television about the report, Finance Minister Pierre Moscovici admitted that the debt would "reach a maximum and then start to fall."

Mr. Moscovici blamed the country's high debt figure on
FranceThe report by Le Figaro said the French government plans to announce next week that the debt will reach €1.95 trillion by the end of 2014, or 95.1 percent of the country's GD), higher than previous government estimates.

Public sector debt, including central government, welfare and local authority debt, stood at 90.2 percent of GDP at the end of last year. The French government had been counting on public debt to peak in 2014 at 94.3 percent of GDP.

In an interview with France 2 television about the report, Finance Minister Pierre Moscovici admitted that the debt would "reach a maximum and then start to fall."

Mr. Moscovici blamed the country's high debt figure on Hollande's conservative predecessor Nicolas Sarkozy, saying the debt was already running at more than 90 percent of GDP when the current Socialist government took over in 2012.

However, the new figure amounts to a rise of more than €120 billion in public debt over two years, according to the report.

Last Wednesday, Mr. Moscovici said that France's public deficit this year would reach 4.1 percent of the French GDP, missing the target it agreed with the European Union for 2013. The European Commission in May granted France two more years to bring its public deficit back under the EU ceiling of 3 percent of GDP.

The commission said that the eurozone's second-largest economy should slash its public deficit from 4.8 percent of GDP in 2012 to 3.9 percent in 2013 and then 3.6 percent in 2014.

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