France Hits Companies and Wealthy to Tackle ‘Colossal' Debt Pile [BNN Bloomberg (Canada)]
COMMERZBANK JUNGE ADR NEW (CRZBY)
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Source: BNN Bloomberg
Spending cuts will account for just over two thirds of what Finance Minister Antoine Armand called an unheard-of fiscal effort, with the rest coming from higher taxes on businesses, the wealthy and energy. “Our country is in an unprecedented situation and at a pivotal moment,” he told reporters during a presentation of the delayed draft bill on Thursday. “The French economy is holding up, but our public debt is colossal. It would be both cynical and fatal not to see it, say it and recognize it.” The 2025 budget is a crucial part of Prime Minister Michel Barnier's efforts to restore political and fiscal order after months of volatility and uncertainty sparked by President Emmanuel Macron's decision to dissolve the National Assembly and call snap elections. Under the plans, a one-off levy on some 440 profitable companies with annual revenue of more than €1 billion would generate €8 billion next year and €4 billion in 2026. An exceptional tax on maritime transport companies would
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