France’s public debt soars to 80% of GDP

| June 30, 2010 | 0 Comments
France’s public debt soars to 80% of GDP

Further concerns for euro zone debt was raised today after the national statistics bureau INSEE said France’s public debt rose to 80.3% of national output in the first quarter of the year.

EU rules state that debt should not exceed 60% of GDP.

According to INSEE, at the end of March, French gross public debt (GDP) totalled €1,535.5 billion - up by €46.5 billion from the final quarter of last year.

Like many countries across the world, France’s Government injected large amounts of cash in to the economy to stimulate growth but this has resulted in high levels of debt.

Many other euro zone nations have embarked on tough austerity measures to reduce their debt but this has resulted in public anger, which has led to nationwide strikes.

Greece continues to rebel against tough austerity measures as the country embarked on its fifth general strike yesterday.

Ferries, public transport and other state services came to a standstill to protest against Government plans to cut pension benefits and public servants’ pay.

Spain and Italy have also staged strikes amid austerity measures.

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