PARIS (Reuters) – French finance minister Antoine Armand said on Friday that a belt-tightening budget was aimed at regaining control over a “colossal” debt, adding that the government was keeping a close eye on how financial markets viewed the French debt situation.
“We must regain control over our debt,” Armand told France 2 TV.
On Thursday, the French government delivered its 2025 budget with plans for 60 billion euros ($65.5 billion) worth of spending cuts and tax hikes on the wealthy and big companies to tackle a spiralling fiscal deficit.
Prime Minister Michel Barnier’s new government is under increasing pressure from financial markets and France’s European Union partners to take action after tax revenues fell far short of expectations this year and spending exceeded them.
($1 = 0.9155 euros)
(Reporting by Dominique Vidalon; Editing by Sudip Kar-Gupta)
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