While French President Emmanuel Macron struts around the world warmongering on Ukraine, or else fear-mongering about ‘climate change,’ the country he was supposed to take care of is falling apart.
A floundering economy, a chaotic society made worse by unchecked mass migration, and now, to top it all, Macron got a brutal wakeup call yesterday (May 31), as Standard & Poor’s cut its long-term sovereign credit rating from AA to AA−.
Coming on the eve of the European Elections that his party is projected to lose by a landslide, many see this as ‘probably his darkest day in office.’
Bloomberg reported:
“In a statement on Friday, the credit assessor highlighted the French government’s missed goals in plans to restrain the budget deficit after huge spending during the Covid pandemic and energy crisis.
S&P said that although reforms and a recovery in economic growth will improve the situation, the hole will remain above 3% of gross domestic product in 2027.”
The reduction from AA to AA- trashes Macron’s claim as an economic reformer.
Polls are showing his Renaissance group trailing way behind Marine Le Pen’s National Rally.
“Le Pen seized on the S&P decision to call on voters to sanction Macron at EU election. She also called other opposition lawmakers to support the latest no-confidence motion her party has proposed to bring down his government.
‘The catastrophic management of public finances by governments that are as incompetent as they are arrogant has put our country in grave difficulties, with record taxes, deficits and debts’, she said in a message on X late Friday.”
S&P sees France’s general government debt as a share of GDP increasing to about 112% of GDP by 2027 – from about 109% in 2023.
Finance Minister Bruno Maire tried to put a good spin on the news, saying that the reason for the downgrade is that the government ‘saved the French economy’ during the COVID lockdowns. Yeah, right.
“S&P said the agenda will continue to face strong opposition, both from parliament, where the government has no absolute majority, and from protests, like those seen against pension reform in 2023. ‘Political fragmentation will likely make the continued implementation of policies to address economic and budgetary imbalances somewhat uncertain’.”
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