France’s finance minister Bruno Le Maire has promised a renewed push to cut public spending on everything from energy subsidies to real estate tax credits as the government seeks to rebuild its credibility with credit rating agencies.
France narrowly avoided a downgrade from S&P Global Ratings earlier this month and remains on a negative outlook with the next review set for December. Fitch already downgraded the eurozone’s second-largest economy in April.
“The decision by S&P is an incentive to do more and to do better,” said Le Maire in an interview. “We need to stick to our debt reduction program and to cut public expenditures.”
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