France Jeopardises Euro Stability Pact ; Raffarin to Press Ahead with Tax Cuts This Week W National Debt to Break Limit Agreed by Euroland Nations
Lichfield, John, The Independent (London, England)
FRANCE IS about to break another of the cardinal rules of the euro stability pact - allowing its accumulated national debt to exceed the limit of 60 per cent of GNP imposed on euroland members.
Since France and Germany are already breaching the ceiling on annual deficits (3 per cent of GNP), the euro stability pact risks looking like a fiscal dead letter by the end of this year.
Despite France's deficit and rapidly accumulating debt - likely to reach over EUR1,000bn (pounds 692bn) next year - the centre- right government of prime minister Jean-Pierre Raffarin is expected to press ahead this week with plans for further cuts in income tax. M. Raffarin may receive a …
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Publication information:
Article title: France Jeopardises Euro Stability Pact ; Raffarin to Press Ahead with Tax Cuts This Week W National Debt to Break Limit Agreed by Euroland Nations.
Contributors: Lichfield, John - Author.
Newspaper title: The Independent (London, England).
Publication date: August 26, 2003.
Page number: 16.
© 2009 The Independent - London.
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