PARIS: France’s public debt has ballooned to a record 3.4 trillion euros ($4 trillion), according to official data released on Thursday.
The figures pile immediate pressure on new Prime Minister Sebastien Lecornu as he confronts widespread protests and political turmoil.
Lecornu was appointed by President Emmanuel Macron earlier this month to succeed Francois Bayrou.
Bayrou was ousted by parliament in a fight over his austerity budget after just nine months on the job.
Data from the INSEE statistics agency shows the former defence minister now faces a debt that amounted to 115.6% of France’s gross domestic product in the second quarter.
This represents an increase from the 3.3 trillion euros recorded in March, which was equivalent to 113.9% of GDP.
Lecornu has yet to form a new government and must deliver a budget proposal to parliament by mid-October.
Unions have announced fresh demonstrations for October 2 following last week’s protests across France.
Hundreds of thousands of people protested against Macron’s austerity plans in those demonstrations.
Lecornu, who is Macron’s seventh head of government since 2017, has vowed a break from the past.
This pledge forms part of his bid to defuse the current political crisis.
He has tried to calm public anger by promising to abolish life-long privileges for former prime ministers.
He has also reversed Bayrou’s controversial plan to scrap two public holidays.
Bayrou had proposed a series of measures he claimed would save 44 billion euros ($52 billion) to curb France’s high debt. – AFP
