The weekend ends with a focus on France, following the resignation of Prime Minister Michel Barnier due to the no-confidence motion backed by Marine Le Pen’s far-right party. According to Le Pen, the outgoing administration’s plan to bring the budget gap down to 3.0% by 2029 was not credible for the country, and a “reasonable trajectory” based on wealth creation and savings is needed. “We want to absorb the deficits,…

Bankinter: Fitch maintained its rating at AA-, but downgraded its outlook to Negative. It justified its decision on the sharp rise in the Public Deficit: it is expected to close this year at 6.1%, far from the limit imposed by the EU, 3%, from Fitch’s previous estimate, 5.1%, and from the 2023 level, 5.5%. They do not expect it to reach the 3.0% target until 2029. Consistently, they estimate that…

Norbolsa | French Finance Minister Antoine Armand commented on Friday that an adjustment budget was aimed at regaining control over debt, adding that the government was closely monitoring how financial markets view the French debt situation. Presenting its 2025 budget with plans for spending cuts and tax hikes worth €60 billion for the rich and big business to tackle a spiralling fiscal deficit, with a target of putting the deficit…

Norbolsa | Leaks continue about the possible fiscal plan to be presented by Prime Minister Barnier. According to Le Parisien, next week he will present a €15-18 billion fiscal consolidation plan, while announcing a two-year delay until 2029 to reach the 3% deficit targets. These plans include extraordinary taxes for high incomes with which it hopes to raise €3 billion, and a further €8 billion to be raised from extra…

Prime Minister Michel Barnier said in an interview yesterday that the fiscal situation is ‘very serious’. As most of France’s debt is issued on international markets, he stressed that ‘France’s credibility must be maintained’. He said that ‘I am not going to increase taxes on the French people as a whole’, but ‘I am not going to exclude the richest people from participating in the national effort that will have…