France expects debt ratio to reach record level

France expects debt ratio to reach record level

Debt reached a record 95.1 percent of gross domestic product – up from 90.2 percent at the end of 2012. The target for 2014 was set at 94.3 percent this spring. According to EU rules, public debt should not exceed 60 percent of gross domestic product.

According to the calculations of "figaro", the projected value for 2014 corresponds to a per capita national debt of about 30,000 euros per inhabitant. In germany, the per capita debt in 2012 was around 25,000 euros, and the debt ratio was around 82 percent of gdp.

France’s economy and finance minister pierre moscovici to present official forecast next week. "The debt will reach a peak and then decline," he declared tuesday in a television interview on the channel france 2 without denying the figures of the "figaro". The debt is not a danger because the government is printing the structural deficit through reforms.

According to the report, the poor figures are due to weak economic growth, but also to the french contribution to the euro bailout plans. However, experts repeatedly point out that france has so far done too little to increase the competitiveness of its economy.

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