On BFMTV, the Minister of the Economy Antoine Armand estimated that the French economy was more powerful than that of Greece but recognized that the situation was worrying.
A very worrying financial situation. This Wednesday, France's borrowing rate temporarily exceeded that of Greece, reflecting growing investor concern for the country's situation.
Without minimizing this unprecedented event, the Minister of the Economy nevertheless wanted to put this comparison into perspective on BFMTV with the most indebted European state in the Union (160% of GDP).
“France is not Greece, France has an economy, France has an employment situation, attractiveness, a much greater economic and demographic power which means that we are not Greece”, insisted remember Antoine Armand.
If the risk premium of the French bond is comparable with that of Greece, it nevertheless remains at relatively low levels of 3% when, for example, that of Greece at the height of the debt crisis in 2012 soared to more than by 22%.
However, the Minister of the Economy recognizes that the French situation is worrying and takes up the word “storm” used by Michel Barnier.
“A plane that risks stalling”
“What did this episode tell us yesterday which lasted a few minutes? That there are countries which are doing the work, countries which have been in the red and which have rolled up their sleeves, explains Antoine Armand . Who told their compatriots “it will be difficult but we will save money together”. Greece, Italy, Spain have been there if we make this effort together tomorrow we will be able to invest.
The Minister of the Economy, who compares the French situation to “a plane that risks stalling”, believes that there is, however, a “path” to return to a healthier budgetary situation.
“This path is this Budget, it is finding the 5% [de déficit public par rapoort au PIB] in 2025, it shows that we will not be the only country in Europe not to be below 3% in a few years, declared Antoine Armand. Is this Budget perfect? Of course not. Can we improve it? Yes and we have already done it and we can do it again. And then there is the other path: the path of the unknown, of degradation; of the dislocation of the country […] And no one wants that path.”
