Today, we could say happy anniversary to France but it’s not a time to celebrate. Since 1974, for 50 consecutive years, she has had a fiscal deficit. And, it’s time to get more concerned. With a deficit and debt that far exceed European Union caps, France is breaking basic budget rules. At a projected 6.2% deficit to GDP ratio for 2024, France exceeds the EU’s 3% maximum. Correspondingly, close to 116%, France’s debt to GDP ratio far exceeds the EU’s 60% cap. To understand why these ratios matter, we can think of home mortgages. If we decided to borrow $2 million for a house, most of us would say the amount is huge. ….[READ]
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