• France's news in English
 
app_header_v3

Minister insists France not 'totally bankrupt'

The Local/AFP · 29 Jan 2013, 14:53

Published: 29 Jan 2013 14:53 GMT+01:00

Moscovici was responding to the comments made by Labour Minister Michel Sapin on France’s Radio J on Sunday, when he echoed former PM’s Francois Fillon’s famous declaration in 2007. Sapin also insisted the country had to reduce its gaping public deficit.

After Sapin’s comments sent minor shockwaves through the corridors of power Moscovici took on the job of trying to allay any fears.

“What he meant was that the financial situation is worrying,” said Moscovici in the Nouvel Observateur. “It was worrying in 2007 and it is even more worrying now because France has accumulated 600 billion euros of public debt.

“But the term ‘bankrupt’ is not totally appropriate because we have no need to close public services on a massive scale.

“France is a truly solvent and a credit worthy country which is on the road to recovery,” he added.

Story continues below…

Faced with an economy on the brink of recession and rising unemployment, President François Hollande is betting on a mixture of reforms and public investment to give a boost amid an uproar over proposed tax hikes, especially on the rich.

France's 2013 budget is based on meeting the EU public deficit limit of 3.0 percent of gross domestic product, as required by Brussels, but with growth expected to fall short of forecasts, many analysts doubt that this is now possible.

The Local/AFP (ben.mcpartland@thelocal.com)

Your comments about this article

Today's headlines
'Five terror plots thwarted' on Riviera since Nice attack
A police boat patrols the waters off the beach in Nice during the summer. Photo: AFP

Authorities in Nice say five potentially deadly terror plots on the French Riviera have been foiled since the Bastille Day truck attack in the resort.

IN PICTURES
French firefighters calendar to provoke global palpitations
Photo: Fred Goudon

Warning: Some readers may suffer palpitations, sweats or other side-effects when reading this story.

Why Paris beach festival could be sand-free in future
Photo: AFP

Is a beach with no sand still a beach?

Lost without translation: The struggles of Calais migrants
Communication problems in the Calais jungle camp. Photo: AFP

So many languages are spoken in the Calais jungle migrant camp but French is rarely heard.

Paris finally bows to the importance of Oscar Wilde
Oscar Wilde's tomb in Pere Lachaise cemetery, which now has a glass screen protecting it. Photo: AFP

It's taken a while but the French capital is finally paying tribute to the importance of the writer who died in a Paris hotel.

French towns divided over taking in Calais migrants
Photo: AFP

Towns across France are arguing over whether to take in migrants soon to be evacuated from the Calais "jungle" camp.

Paris region eyes up cable cars to unclog traffic jams
Could something like this be the future of transport in Paris? Photo: AFP

Did you know there are 12 cable car projects around the Paris region? Better than the RER trains surely?

Dos and don'ts to help you cope with writing in French

Writing emails in French is a whole new challenge that requires a whole new set of tips.

French writing phrases you can't get your head around
Photo: Ray Sadler/Flickr

"Je vous prie de bien vouloir...." What?

Paris banking district stages France's latest mock attack
Photo: AFP

The La Defense business district in Paris was the scene of the latest mock terror attack last night, as French authorities continue to take no chances.

Sponsored Article
Why Jordan is the ‘Different’ East
Culture
The crazy French writing phrases you can't get your head around
Features
Room for improvement: Paris's matchbox apartments
'Stop telling immigrants to be French and help it happen'
Society
Take the test: How far have you assimilated into French culture?
Lifestyle
Eleven things you should know before moving to Paris
National
France's Marion Cotillard rebuffs rumours of fling with Brad Pitt
National
Eight arrested over links to Nice truck attacker
Features
Why everyone should party in a French chateau at least once
Travel
The Frenchman who hated 'Nazi-Zealand' after four-day hitch-hike fail
Culture
What's on: Ten exciting events across France in September
The 45-million year old underground shells that flavour Champagne
Features
French job speak: All the terms you need to know
'Resilient' Paris now a more appealing city than New York
National
France says it's OK to warn drivers about speed cameras
Meet Honorine, 113, the oldest person in France
Education
Grenoble named France's best city to be a student
Society
New Metro map reveals cheapest pints of beer in Paris
Business & Money
How reliant is the French economy on Paris?
Society
Here's why Parisians want to move to Bordeaux
And the 'best place to spend a weekend in Europe' is… Lyon
Analysis & Opinion
'Muslims in France must be considered ordinary citizens'
Armed guards to ride French trains from October
National
France among Europe's priciest for train travel
2,732
jobs available