Posted on 12/17/2005 8:41:55 PM PST by george76
France's public debt is spiralling out of control, according to a report commissioned by the French government...
The debt stands at €1,117 billion, representing 66 per cent of France's GDP ...
The staggering figure encompasses the debt accumulated by the state and local authorities, as well as social and health insurance bodies, over the past few decades.
However, it does not include the upcoming time bomb of civil servants' pensions.
Over the past ten years, the French debt has increased its claim against GDP by over 10 percentage points.
France saw the worst debt evolution among the then 15 EU member states, while Ireland proved the best at reducing public debt.
The Pébereau report states that, if nothing changes, French debt will be four times the country's GDP by 2050.
French prime minister Dominique de Villepin, who received Pébereau's report last Wednesday...
said: “France spends too much ...
(Excerpt) Read more at sbpost.ie ...
If our currency crashes and our economy "goes Argentina," there will be a world depression. This will lead to civil strife and war, which will benefit no one.
Holy Schnikes! Thats quite a bit of GDP. Tax increases are the only answer!
That's right
Percentage of GDP is the consideration.
Yes, which goes to show how useless this ratio is. The debt payments under Carter were very high because of the high interest rates. The debt to GDP ratio has nothing to do with prosperity or economic health. It's a trick statistic useful to leftists to scare up support for tax increases to fund spending increases.
No wonder they are so pissed at the US for taking away their 'oil for food' scam money.
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