No worries about cut in France's credit rating
Source: Agencies |
June 30, 2010, Wednesday
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Print Edition
Print Edition
FRENCH Finance Minister Christine Lagarde said yesterday that there's no reason to worry about a downgrade in France's credit rating given increasingly aggressive cost-cutting by the government.
But she questioned some of the belt-tightening measures that target government ministers themselves, announced the day before by President Nicolas Sarkozy.
Asked whether she fears a downgrade, she said on RMC radio, "I have no reason to think so" because the government is focusing on spending cuts instead of tax hikes that could stifle growth.
"It is a policy that is reasonable and that is founded at the same time on trimming public spending and encouraging effective investment," she said.
In addition to pension reform that the government says will save 19 billion euros (US$23 billion) and other budget cuts, Sarkozy ordered spending curbs on ministers' trips, cars and staff.
Their spending has fueled public criticism when many workers are struggling after the worst slump in decades.
But she questioned some of the belt-tightening measures that target government ministers themselves, announced the day before by President Nicolas Sarkozy.
Asked whether she fears a downgrade, she said on RMC radio, "I have no reason to think so" because the government is focusing on spending cuts instead of tax hikes that could stifle growth.
"It is a policy that is reasonable and that is founded at the same time on trimming public spending and encouraging effective investment," she said.
In addition to pension reform that the government says will save 19 billion euros (US$23 billion) and other budget cuts, Sarkozy ordered spending curbs on ministers' trips, cars and staff.
Their spending has fueled public criticism when many workers are struggling after the worst slump in decades.
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