French Finance Minister Bruno Le Maire announced that the country's public deficit for 2023 will significantly exceed the initial target of 4.9%. This development marks a continuation of France's struggle with budget discipline, a challenge that has persisted since the Great Financial Crisis of 2008. France has only managed to keep its budget deficit below the 3% threshold set by the Maastricht Treaty once, in 2018. In response to the escalating deficit, Budget Minister Thomas Cazenave indicated that the French government will need to identify greater savings than previously anticipated for 2025, hinting at harsher spending cuts next year. This situation underscores the difficulties faced by President Macron's administration in balancing financial imperatives with political realities, as emergency budget cuts initiated in mid-February are unlikely to be the last.
French budget squeeze has only just begun https://t.co/RN3IwABjiI https://t.co/iz9227vCb9
France's mid-February emergency budget cuts to keep its deficit-reduction plans on track are unlikely to be the last, leaving the government struggling to strike a balance between financial imperatives and political realities https://t.co/EduDpWwzpe
France's mid-February emergency budget cuts to keep its deficit-reduction plans on track are unlikely to be the last, leaving the government struggling to strike a balance between financial imperatives and political realities. More here: https://t.co/fj5saoexMd
⚠️ ANALYSIS-FRENCH BUDGET SQUEEZE HAS ONLY JUST BEGUN Full Story → https://t.co/hZl7Oydsls France's mid-February emergency budget cuts to keep its deficit-reduction plans on track are unlikely to be the last, leaving the government struggling to strike a balance between… https://t.co/xkAoMiSbvr
ICYMI France's Bruno Le Maire is having much more trouble balancing his budget than Jeremy Hunt. https://t.co/IAaVEaV0UF
Macron’s government warns of harsher spending cuts next year https://t.co/TNjcXxzCSc via @WHorobin https://t.co/NTe5RsfeOb
The French government will likely have to find significantly greater savings than previously expected in 2025, Budget Minister Thomas Cazenave says https://t.co/pNJv9UoKNf
France’s budget deficit will be ‘significantly’ above target, says finance minister https://t.co/oxKBcDwcoS
'France's 2023 Deficit 'Significantly' Above 4.9%' (BBG) #France's budget discipline is just awful. Since the Great Financial Crisis in 2008, France managed to keep its budget deficit below the 3% threshold (remember the Maastricht Treaty) just once (2018). This is far worse than… https://t.co/V9WNVcwij8
French FinMin Le Maire: 2023 Public Deficit ‘Significantly Above’ 4.9% - @lemondefr https://t.co/t0ik80bETs