While France is struggling to straighten its public finances, Thierry Breton and Amélie de Montchalin alert on drastic measures. Are the statements of the European Commissioner and the Minister of Public Accounts are doubtful: would the economies of the French be the next adjustment variable?
A debt that has become “unbearable” for Paris
With a public deficit estimated between 5.5 % to 5.8 % of GDP and a debt exceeding 3,000 billion euros, France worries its creditors. Amélie de Montchalin, Minister of Public Accounts, set the tone on June 10 on RTL: “This is the last moment to have courage. »» It calls for historical decisions, under penalty of seeing international institutions – even private creditors – take control of French finances.
The Minister evokes without detours “Risk of guardianship”a word rarely pronounced so head -on. To reduce expenses, several solutions are possible: to review certain tax niches, reduce the workforce in the public service … The objective: to convince markets that France can discipline itself.
If we do not make these decisions today, then soon it will be the international institutions that will decide for us.
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But behind this warning is emerging another fear, less said: that of an recourse to the savings of the French. Guest on LCI, former European Commissioner Thierry Breton threw a pavement into the pond by evoking this possibility.
We have a lot of savings. Financial markets know that in the end, if there is a problem, we will seek savings from the French to pay the reimbursement of the debt.
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Why bitcoin seduces in the face of the risk of puncture
Thierry Breton's declaration did not go unnoticed on the networks. This scenario, for many, recalls the previous Cypriot of 2013, when the country had punctuated up to 10 % of bank deposits greater than 100,000 euros to avoid the bankruptcy of its banks; Or the 0.6 % surprise tax applied to all accounts in Italy in 1992, decided in the middle of the night to stop a monetary crisis.
You should know that, in the event that an exceptional tax similar to these previous ones was voted by the Parliament in France, it would be subject to the control of the Constitutional Council. But in the world of cryptos, The situation of French debt is seen as a clear signal : It is better to place his savings on the blockchain. A tweet sums up the reaction of part of the community:
Where will international organizations go for the lack of money? It has never been so imperative to secure its funds outside state monetary systems.
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Investments in cryptocurrencies are risky. There is no guaranteed high yield, a product with high performance potential implies a high risk. This risk taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital
After training in journalism, I worked for a few years in general press before discovering the world of personal finance and the scholarship. Fallen into cryptos since 2020, I am particularly interested in the decryption of news that influence the Cryptos markets. My goal? Always teach my readers more by providing the most precise and the most just possible information.
Justine Ferrari
141 articles
