French Premier Vows to Cut Budget Deficit
World Economy

French Premier Vows to Cut Budget Deficit

France’s prime minister overwhelmingly won a confidence vote in the National Assembly after vowing to bring the country’s budget deficit under the European Union limit of 3% this year without raising taxes. Prime Minister Edouard Philippe told lawmakers that France’s debt had reached “an unbearable level,” putting the country “at the mercy of financial markets.” He said there will be expenses cuts but pledged not to raise taxes, AP reported. Philippe won the vote in France’s lower house of parliament by 370-67. Besides getting support from President Emmanuel Macron’s party—which has a wide majority after a landslide win last month—he also got votes from centrist allies and even some conservative lawmakers. “The truth is that while our German neighbors raise €100 ($113.6) in taxes and spend 98, we are raising €117 and are spending 125. Who can think this situation is sustainable?” he said. Philippe pledged to stop increasing the number of state employees, to focus the government on its main priorities and to stop spending money on policies that don’t deliver results.


Short URL : https://goo.gl/8c8TfR
  1. https://goo.gl/vp86gM
  • https://goo.gl/1kaDsm
  • https://goo.gl/S7y5S6
  • https://goo.gl/8v8W9a
  • https://goo.gl/ZcCTEQ

You can also read ...

Trump Tactics Sabotaging US Economy, Markets
Wall Street could be making a costly mistake. According to...
File photo of finance ministers and central bankers from the G20 nations.
Global economic growth is poised to pick up this year, though...
Technology Can Help Workers From the Informality Trap
Technology and what it will do to change how people work is...
Moody’s Warns Philippines of Downside Risk
Debt watcher Moody’s Investors Service on Friday said the...
Capital Economics forecasts Turkey’s GDP growth will fall to 3.5% in 2018 from 7.4% in 2017.
Expectations for Turkey's end-2018 inflation rate rose from 12...
Italian Bonds, Stocks Fall
Italian bond yields rose and equities sold off on Friday after...
Apple Watch Smells Losses
The latest round of US tariffs on $200 billion of Chinese...
A weaker yuan remains a source of risk for global currency markets.
The Chinese yuan slid to its lowest in more than a year on...

Add new comment

Read our comment policy before posting your viewpoints