France Faces a Record Level of Debts

France‘s foreign debt for one quarter in 2019 exceeded 100% of GDP and reached a record 2.14 trillion euros, which means the French president Macron’s election promise to reduce the countrys debt by 5% within 5 years has remain unfulfilled.

France‘s debt increased by 39.6 billion to a record 2.415 trillion euros, which is 100.4% of the GDP of the same period and second only to the two worst indexes in history. As a new round of negotiation between the French Government and the Trade Union turned out unsuccessful, the latter ignored the voices from government and public that urged them to stop strike during Christmas and the New Year and declared they’ll carry on the strike until January 9th.

Macron seems to be left high and dry with the economy showing no signs of improvement and reforms facing oppositions from various sectors.Large scale protests may put an end to any reform plan before it even starts.