French debt hits 119% of GDP – POLITICO

PARIS — France accrued nearly €3.6 trillion in debt amounting to 119% of gross domestic product as of the end of June, national statistics agency Insee said Tuesday.

The figures were released as pessimism mounts over the future of the French economy, whose debt levels are starting to get closer to those of Italy and Greece — two of the eurozone’s most indebted countries — while growth stagnates.

French Prime Minister Sébastien Lecornu said earlier this month that he plans to propose savings worth €54 billion in the 2027 budget, which will be formally unveiled on Thursday. Lecornu has pledged to bring the budget deficit — the difference between what a country spends and collect in taxes every year — down to 5% of the GDP next year, but it’s unclear if his minority government will be able to muster enough support for its spending plans.