Posted on 12/30/2009 10:27:17 AM PST by george76
France's public debt soared to a record 75.8 percent of output in the third quarter, official figures showed Wednesday, a week after Paris got a warning on its credit standing.
France is hardly alone among European Union countries that have run up big debts...
Greece has suffered sovereign downgrades this month...Fitch in November downgraded Ireland ...
Fitch last week said all major governments with top ratings had to tame debt, targeting specifically Britain, Spain and France.
France's third quarter debt-to-GDP ratio was up by 1.9 points from the second quarter to 75.8 percent, well in excess of the 60 percent stipulated in the Maastricht Treaty that established the financial basis of the eurozone.
(Excerpt) Read more at news.yahoo.com ...
When our spending goes out of control on incredibly silly things(health care reform for a trillion dollars???), you can bet no one will put stock in our public debt, and all the stimulus money they want to print wont get us out of that recession.
Viva le socialism!
socialism is about to go belly up worldwide.
Moody’s gets excited when France gets to 76 % debt to GDP. Well here’s the estimate for the U.S. found in Wikipedia’s historical chart of DEBT/GDP for the U.S.:
“The total debt is projected to continue increasing significantly during President Obama’s administration to nearly 100% of GDP, its highest level since World War I.[9]”
Note that the EU’s stated target is to keep the ratio less than 60 percent.
Link for Wikipedia:
http://en.wikipedia.org/wiki/United_States_public_debt
How can France be in debt? They have universal health care which guarantees prosperity to any country that provides it.
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