S&P downgrades French credit rating in blow to Macron
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Standard & Poor's (S&P) has downgraded France's credit rating from "AA" to "AA-" due to a deterioration in the country's budgetary position. The downgrade comes as a blow to Emmanuel Macron's government just days before EU parliamentary elections. S&P cited concerns over lower-than-expected growth and "political fragmentation" that would make it difficult for the government to implement planned reforms. France's general government debt is expected to increase to about 112 percent of GDP by 2027, contrary to previous expectations. Economy Minister Bruno Le Maire reaffirmed the government's commitment to slashing the public deficit to below three percent by 2027. Critics of the government blamed the downgrade on the Macron administration's handling of public finances and its abundant spending during the Covid pandemic. The downgrade risks putting off investors and making it more difficult for France to pay off its debt.
#S&p #CreditRating #France #EmmanuelMacron #BudgetaryPosition #EuParliamentaryElections #Growth #PoliticalFragmentation #Reforms #GeneralGovernmentDebt #PublicDeficit #CovidPandemic #Investors #Debt
https://m.economictimes.com/news/international/world-news/sp-downgrades-french-credit-rating-in-blow-to-macron/articleshow/110612202.cms
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