Summary
Moody’s downgraded France’s credit rating from “Aa2” to “Aa3,” citing “political fragmentation” and limited prospects for addressing the country’s rising fiscal deficits.
The downgrade follows similar moves by S&P and Fitch and comes as Emmanuel Macron appointed Francois Bayrou as France’s fourth prime minister this year.
Bayrou replaces Michel Barnier, who was ousted after a no-confidence vote over his proposal to cut €60 billion in government spending.
Bayrou now faces the challenge of navigating a divided legislature to draft a 2025 budget and address the country’s economic instability.
You must log in or register to comment.
France has had two choices for a long time; continue overspending or balance the budget. They keep picking overspending.
Like Macron or not, but at least he’s trying to balance the budget. If he ends up failing, they’ll have to try again later, from a worse starting point, or over time descend into economic collapse
There’s no free lunch
He is trying to balance the budget by implementing austerity and cutting taxes for the rich, ultimately costing the country more money. Neoliberal moment.
I don’t think that’s an accurate representation.
deleted by creator
This rating is for the oligarchs to help them decide which politicians to buy. The more control a politician or politicial party exerts, the more likely they are to pay their bills.