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FRANCE MUST FIND up to €10 billion to bring its public deficit back to 4.5 per cent of gross domestic product, Finance Minister Pierre Moscovici said today.
Moscovici told iTele television that the new French socialist-led government was looking for €7 billion to €10 billion, and added: “We are somewhere in the middle I imagine, but I am waiting to see the official figures.”
The French minister also said that a European Union summit to take place this week in Brussels had to see eurozone countries propose “structural solutions” to a crisis that is now in its third year.
Moscovici insisted this meeting of EU leaders “is not a banal summit”.
Markets and other countries around the world “expect Europeans to finally come up with structural solutions, and that is what they are looking for”.
Moscovici said the EU meeting on Thursday should “finally provide the euro with a political spine, and banking regulation”.
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Iceberg…tip…
Iceland Ireland portugal spain france, the names n amounts just keep getting bigger n bigger, I’m really worried now about the €uro,
Think he is an optimist if he thinks the meeting this week will come up with any structured solutions. As he says himself this crisis has been around for 3 years now and in that time all they have managed to do is make things worse. All we will get is more words and nothing else.
Up yours Delors’. Maggie T was right all along and we thought she was a crabby old queen with a new in her bonnet!!, euro is a disaster, Ireland to rejoin the commonwealth and hitch ourselves to sterling NOW!
On your Bike Mike.
If they say this figure, you’ve got to wonder the real figure needed. It’s hardly surprising though. The French have been living, much like the rest of Europe, beyond their means for a generation now. I’d imagine they will need much more, when this crisis deepens and the true extent of their economic charade will be revealed.
The Euro countries that have the most borrowings for the least assets in the Eurozone are France and Germany. They make Anglo look like a conservatively run bank.
When both of those countries have to recapitalize their banks, it will drive their borrowings sky high. This is even with out a Greek exit, or Spanish or Italian crisis.
Germany and France are severely affected by this crisis. They just have managed to hide it longer than others
Yes. I can only say this for Germany, not for France, but this is no secret for the people in Germany. The idea that Germany is strong and wants to dominate and control Europe may be popular on Ireland, but the reality is different. The media shows Merkel’s view of Germany, not the view understood by the taxpayers here.
Oh, here we go, sooner than expected- have we bypassed Italy and gone straight to France!? Jesus Christ no one knows when to quit!
Pick a number from the sky, how much will France really need €500bn – €1tn
Don’t worry Ireland is in recovery apparently. No doubt Minister Noonan will cough up the necessary 10 billion seeing as he has no difficulty throwing that kind of money into the taxpayer’s crypt once known as Anglo Irish Bank.
have your say