“The Fitch downgrade is a warning shot and France is dancing on a volcano”
“The French pay a considerable amount of taxes for a country in decline. This is…
“The Fitch downgrade is a warning shot and France is dancing on a volcano”
“The French pay a considerable amount of taxes for a country in decline. This is definitely no longer acceptable,” says Éric Ciotti. Sebastien SORIANO/Le Figaro
INTERVIEW – The deputy of the Alpes-Maritimes and president of the Republicans hopes “that this notation, which sounds like a formidable awakening to reality, will have a salutary effect.”
LE FIGARO. – Did you expect France’s rating to drop from AA to AA- by the rating agency Fitch?
Eric CIOTTI. – Unfortunately yes. This Fitch downgrade is a warning shot and France is dancing on a volcano. You had to be blind not to see the continued deterioration of the economic and budgetary situation. I hope this notation, which sounds like a terrible wake-up call, will have a salutary effect. Too many of our political leaders maintain denial but France is declining, it is dangerously engaged on the slope of downgrading. The crushing weight of the debt is ignored by just about everyone, even though it should be the first alarm.
At the end of Nicolas Sarkozy’s five-year term, the French debt was equivalent to the German debt. Today, related to our national wealth, it is almost 50% higher than that of Germany, 111% against 66%. The debt burden weighs more on the State than…
