French Economy Minister Bruno Le Maire said yesterday he was determined to seek billions of dollars in new government spending cuts after ratings agency Standard and Poor’s downgraded France’s credit score. — AFP picPARIS, June 2 — French Economy Minister Bruno Le Maire said yesterday he was determined to seek billions of dollars in new government spending cuts after ratings agency Standard and Poor’s downgraded France’s credit score.
In interviews with French media, Le Maire ruled out tax increases. But he said no decision had been made on delinking pensions and other social benefits from the inflation rate. S&P warned that “political fragmentation” would make it difficult for the government to implement reforms to balance public finances and forecast the budget deficit would remain above the targeted three per cent of GDP in 2027.