France's Austerity Dilemma: Drastic Measures Unveiled
French Prime Minister Francois Bayrou announced austerity measures to address a daunting budget deficit. His plan includes freezing public spending and scrapping public holidays to generate state revenue. The proposal has sparked criticism and raised concerns about potential political repercussions in France's unstable parliament.
French Prime Minister Francois Bayrou has unveiled a controversial budget plan aiming to slash public spending in an effort to address the nation's pressing financial challenges. His proposed measures include freezing welfare spending and tax brackets, alongside the elimination of two public holidays to boost state revenues.
Facing a daunting budget deficit of 5.8% of GDP, nearly double the EU's 3% limit, Bayrou emphasized that all citizens must contribute to the fiscal recovery effort. Critics, particularly left-wing politicians, have decried the plan as inequitable and warned of its unpopularity among voters.
With the prospect of a no-confidence motion looming, Bayrou is tasked with persuading a fractured parliament to adopt these cuts. Failure to do so may exacerbate France's financial woes and jeopardize the country's credit ratings, potentially leaving a tarnished legacy for President Emmanuel Macron.
(With inputs from agencies.)
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