Arab Today, arab today france bids to reassure markets with new deficit plan
Last Updated : GMT 05:37:54
Arab Today, arab today
Arab Today, arab today

France bids to reassure markets with new deficit plan

Arab Today, arab today

Arab Today, arab today France bids to reassure markets with new deficit plan

Paris - AFP

President Nicolas Sarkozy promised new measures Wednesday to slash France's public deficit amid fears that France could be the next country after the United States to suffer a top credit-rating downgrade. The right-wing president broke off his vacation at the Riviera home of his pregnant pop star wife Carla Bruni to hold an emergency government meeting in Paris on the debt crisis rattling global markets. "The head of state reiterated that the commitments to reduce the public deficit are inviolable and will be adhered to no matter how the economic situation evolves," his office said after the meeting. Sarkozy asked his finance and budget ministers to come up with new ideas for sticking to France's deficit-reduction promises and these measures will be decided on on August 24, the president's office said. The announcement came after government ministers sought earlier this week to head off speculation that France might be the next major country to lose its top AAA status after the United States lost the coveted credit rating last week. Budget Minister Valerie Pecresse said France would "not deviate one iota" from its promise to cut its deficit from 7.1 percent last year to 4.6 per cent of gross domestic product next year and 3.0 percent, the EU limit, by 2013. Sarkozy's return to Paris came as the debt crisis eased somewhat after the European Central Bank began buying Spanish and Italian bonds to lower their borrowing costs but investor jitters continue on fears the US and eurozone problems will spark a new recession. The eurozone crisis is fuelled by fears that Spain or Italy might default on their debt and possibly spark a break-up of the currency shared by 17 countries EU leaders are trying to implement a July agreement aimed at beefing up the euro's defences. But many of the measures need national parliamentary approval and that process could drag on to the end of the year in some cases. Standard & Poor's, the rating agency that downgraded US sovereign debt last week, said this week that it had no plans to take similar action against France because Paris had a clear policy to cut its deficit. But French debt has faced pressure on the financial markets as the cost of credit default swaps, which are insurance policies against a default, hit record highs this week suggesting that investors were beginning to look at France more closely. The International Monetary und said last month that Francwould probably need extra acton to cut its public deficit in 2012 and 2013 as falling growth threatened to complicate economic recovery. It said that without further efforts France was set for a public deficit of 3.8 percent in 2013, above both the EU limit and the government's forecast. The French central bank this week forecast that France would grow by only 0.2 percent in the third quarter. The debt crisis has turned public deficits into a major issue in the run-up to next year'presidential election in Frane, which has not produced a balanced budget in three decades.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france bids to reassure markets with new deficit plan Arab Today, arab today france bids to reassure markets with new deficit plan

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today france bids to reassure markets with new deficit plan Arab Today, arab today france bids to reassure markets with new deficit plan

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today Egypt tourism revival steady but slow

GMT 16:04 2017 Tuesday ,19 September

Egypt tourism revival steady but slow
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today France opens door to post-2025 talks

GMT 05:16 2017 Wednesday ,20 September

France opens door to post-2025 talks
Arab Today, arab today Equifax executives step down

GMT 16:16 2017 Saturday ,16 September

Equifax executives step down
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today New Zealand opposition looks

GMT 10:35 2017 Thursday ,14 September

New Zealand opposition looks
Arab Today, arab today 5,000 'Dieselgate' deaths in Europe per year

GMT 19:18 2017 Monday ,18 September

5,000 'Dieselgate' deaths in Europe per year
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Five trends at the Frankfurt auto show

GMT 12:04 2017 Monday ,18 September

Five trends at the Frankfurt auto show
Arab Today, arab today Renault-Nissan to launch

GMT 10:44 2017 Saturday ,16 September

Renault-Nissan to launch
Arab Today, arab today Eman Al Assy receives three offers

GMT 06:31 2017 Saturday ,16 September

Eman Al Assy receives three offers
Arab Today, arab today 'Severe' Typhoon Doksuri pounds Vietnam

GMT 15:49 2017 Friday ,15 September

'Severe' Typhoon Doksuri pounds Vietnam

GMT 11:10 2017 Friday ,15 September

Fadl Shaker retreats from surrendering himself

GMT 05:05 2017 Tuesday ,12 September

Pregnant woman's suicide roils China

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 10:25 2017 Thursday ,14 September

Greece fumbled oil spill response

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 04:26 2017 Wednesday ,20 September

Opioid overdose deaths take 2.5 months

GMT 21:57 2017 Sunday ,17 September

Russia and Iraq restore air travel

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:56 2017 Friday ,15 September

Apple's grand plan in Ireland held up by a forest

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday