French Premier Urges Supporting Austerity
(MENAFN) French Prime Minister Francois Bayrou is calling on citizens to support his sweeping reductions in government expenditure, cautioning that France’s national debt is escalating by €5,000 ($5,784) every single second.
The recently introduced €43.8 billion ($50.9 billion) cost-cutting initiative, revealed last month, aims to address a fiscal shortfall that reached 5.8% of the country’s GDP in the previous year — nearly twice the 3% ceiling set by the European Union.
Bayrou has raised a red flag over the financial burden, labeling it a “mortal danger,” and emphasized that decisive actions are now necessary.
In a YouTube video uploaded on Tuesday, Bayrou attempted to persuade the population that the planned austerity measures are vital to avert a severe financial meltdown.
”Our debt stands at €3.4 trillion – a figure so vast it’s hard to imagine,” he said, cautioning that the annual cost of interest could soar to €100 billion by 2029 if the situation remains unaddressed.
Among the proposed steps are the elimination of two national holidays to enhance economic output, reductions in public service employment, and a suspension of increases to social benefits and pensions, which are normally adjusted according to inflation.
These suggestions have triggered significant resistance, especially from progressive political groups.
Critics argue that the administration is favoring defense expenditure at the expense of social programs.
Jean-Luc Melenchon, head of La France Insoumise, demanded Bayrou’s departure from office, asserting that “these injustices cannot be tolerated any longer.”
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