Protests in France: Hundreds of Thousands rally against saving strategies
In the heart of Europe, France is grappling with a significant financial challenge. With a staggering debt pile of around €3.3 trillion, the country holds the unwanted title of having the highest debt in the Eurozone. This debt, equivalent to 114% of the country's GDP, places France in the third-highest debt-to-GDP ratio in the European Union.
Amidst these financial struggles, France's new Prime Minister, Sébastien Lecornu, has announced that he will not implement the previous austerity plan. Instead, he is currently consulting on a new austerity budget, details about where he plans to cut are yet to be revealed.
The announcement has not come without controversy. The protest march, initiated to put pressure on Lecornu regarding the austerity measures, reflects the public's concern. The austerity plans of the previous government were criticised by trade unions as brutal, affecting workers, retirees, the sick, and people in precarious situations. The proposal to abolish two public holidays was particularly condemned.
However, Lecornu has assured that the demands of trade union representatives, raised by the demonstrators, will be the focus of his talks. He is set to meet with the unions again in the coming days for further discussions.
It is important to note that it is Prime Minister François Bayrou who is currently engaged in discussions about the new austerity budget policy in France. The state spending in France is among the highest in Europe, which has led to the EU opening a deficit procedure against France in July 2024.
As the negotiations continue, the people of France wait with bated breath, hoping for a budget that strikes a balance between fiscal responsibility and social justice. The outcome of these discussions will undoubtedly shape the financial future of the nation.
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