France's Debt Gets Downgraded: Is France Becoming the Next Italy?
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- Опубліковано 28 вер 2024
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Despite Macron's reputation for fiscal conservatism, France continues to have one of the highest deficits and debt burdens in the EU which is leading to mounting pressure from the opposition. So should Macron be worried about an impending debt crisis?
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CORRECTION: As a handful commenters have pointed out, at 3:36 we say the Czech Republic, but the animation shows Hungary. Apologies for this sloppy error, and we hope you nonetheless enjoyed the video!
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We all used to joke about who was the “sick man of Europe” but now it feels like we’re all in the same hospice
You wrong. Turkey inflation 75.45% , bank base rate 50%.......
@@geoms6263 Well they’re the sick turkey of Europe then
@@geoms6263 they're not European.
Ordoliberalism led by german leadership on Europe and the euro...
Really sunk all of us.
The EU as an institution is killing capitalism
It's also important to note that French people don't seem to care much about debt so it's not a popular topic to talk about during debates
The French has massive saves. Only 1% of that will resolve debts.
There is absolutely no risk of default.
@@walideg5304 Then why don't they use their savings instead of taking on debt 😂
@@walideg5304 where are these saves at?bonds?gold?
Talking about the national debt is not a popular topic anywhere tbh.
@@archockencanto1645 Richer the country is the more debt it has. Bank don't loan money to poor people. Point is to loan money on low interest rates and invest it stuff that will bring a return on that investment. instead of paying the whole sum at once you pay on down payment at the same time you earn more on your investments, like france is doing
you can't really compare french public expenditure and german public expanditure the way you did, because of the different retirement pension systems,
France has a system where 100% of the pensions is paid through the state in what is called "branche retraite de la sécurité sociale" while in Germany there is a base pension that comes through the state and a private pension that comes through the private sector and wheight about 7% of german gdp.
Hi, are there any sources or sites on which I could find more info on the matter, because I'm interested in the subject?
The sécurité sociale is an entity of its own. Pensions are financed from the salaries of the workers and the state doesn't intervene in the process ... Until recently since the deficit of the sécurité sociale is growing higher year after year, the state has started to inject money in the sécurité sociale. A special tax was created to address this issue but in essence the state and the sécurité sociale are two different entities.
@@Elyes_Messadi Despite being different entities the SS is still lumped into public expending and SS contributions as a tax. At least the Spanish SS is done.
3:36. You said Czechia, but instead highlighted Hungary on the map.
A great insult for the Czech people indeed.
pony pfp chad
They don't care...
eastern europe is one country
@@Panlew2 Czech republic is Central Europe - come to Prague and say we are Eastern Europeans and you will be taught very quickly, how wrong you are...
Continuous deficit spending necessarily leads to continuously increasing debt. Why will no one ever learn this lesson?
Trying to step on the speed dial when you could just move at a rate that the country can manage
Because large amounts of debt doesn't necessarily mean things are bad. Debt for a household is completely different from debt for a nation.
@@andrelee7081 Yes... it's worse. Because it takes from every household in the country.
@@bwhog no debt is bad when you can't secure that it can be paid back, a country is less likely to default than a household.
If you take on 15k of debt to start a business but end up making 3k a month, it's much better than never having borrowed. That's how government investment should work as well. Of you never do the right industrial policy to foster startups, you'll be forever left behind without new, cheap ways of doing things and potentially tax paying young companies. And you can outgrow the debt by increasing the size of the economy this way.
@@ayoCC That's the point. Some debt is quite a good thing. It gives you credit and proves you're good for it. Continuous deficit spending is not. It means you can't control your debt levels and you're NOT a good risk. To pay back the debt, you have to take it from your citizens. Either through taxation or through monetary inflation. Either way, your whole country pays the price of government that can't control its budget.
GDP per capita is what really matters. Also there is low growth because there is less and less entrepreneurship and business innovation due to high tax burdens.
Lol.
Looking at the graph for France's deficit as a percentage of GDP by year, it has increased at the low point of every business cycle, implying that they have a structural problem, which will add to their debt burden over time. Add to this the ongoing demographic transition, and France will need to take serious steps to stop it's public debt becoming unsustainable.
Let's just stop giving so much money and services to ministers and the such.
Oh. Right. They're "essential and competent". Oh well. Let's tax the poor again.
You would see similar for many other industrialised countries.
That's not a structural problem. It came from Covid crisis and Ukrainian war increased the problem. It's conjectural but can become structural if nothing is done quickly
The opinion here in france is ... that nobody really cares, we could repay the debt with our savings quite easily if we were at risk of defaulting, but we are simply taking more loans with low interest rate to continue to pay for our social security and investments, doesn't really matter tbh we all know we are going to default on it eventually as soon as the current world order breaks.
False. France has loans from Britain and America that haven’t had a penny paid on them since 1931. The sovereign debts are in the trillions and if either country decided to call in or sell the loans, then France wouldn’t even qualify for membership of the EU any longer.
@@seanlander9321 Yup foreign loans we will never repay.
Clue this is a U.K. channel: claim France’s rating dropped below the U.K.
In fact, of the three big rating agencies, one ranks it higher, one the same, one below…. And that’s after the downgrade
eventually you run out of other people's money
Eventually the rich must pay their dues
@@mjbaricua7403No, eventually the rich leave to Ireland and Singapore. There is a limit on how much you can tax a person/corporation before you start receiving less overall tax.
It probably makes sense to raise the retirement age, increase taxes on the richest of French taxpayers, and try to cut spending where possible. You can’t take just one avenue for such a big debt burden.
Thing is, Macron is just taking one avenue and it's by selling out the country to the rich and corporations while the middle class pays for all of it
Who do you consider the ‘richest’ taxpayers? What about going after those who earn their money from French citizens but pay NO tax to French coffers!!
Taxes on richest french tax payer is already 70%. Unless they managed to get some sort if multilateral agreement on tax with other countries, rich people would simply leave france
Taxes on richest french tax payer is already 70%. Unless they managed to get some sort if multilateral agreement on tax with other countries, rich people would simply leave france
Retirement age linked to life expectancy, higher penalties if you widdraw pension earlier, but last time people R1oted😂
So good luck macron
A very big chunk of the spending is state pensions and the welfare state. For example at the beginning of the year pensioners got a raise and that alone cost 14 billion euros. So one idea is to freeze the increases in pensions and benefits for one year, that would save a lot of money without raising taxes that are already very high. Pensioners in France are wealthier than working people which is a bit of an issue, but not talked about by politicians because pensioners vote...
You can't upset the older voters 😅 same problem in the UK
Depends. Go and tell someone who worked 40 years his monthly 900 euros will be freezed while working can earn at least 1200 euros. Pretty sure if that old person was still able to, it would gladly f*ck you with a hard baguette.
French debt is one of the most attractive in the world. The reason is government bonds are risk management assets in every financial institutions globally and there are only so much bonds volume graded AA or AAA. With its volume, liquidity and AA- rating, French debt is a best seller financial product.
But how will you afford subsidies to the hand craft cheese makers...
To me it looks more like the high budget spending is due to the aftershocks of Covid. In 2018-19, was below the 3% level and seem stable compared to the previous years, then in 2020 it spiked due to Covid spending, and in 2021-23 it started reducing but it still remained higher than before Covid as more spending was allocated to social services and it may be hard to reduce it all at once.
as we say in france "c'est pas grave"
therealdualipa it's Fake!!! French people don't hide their own identity with fake accounts!
the next italy? italy is outperforming most if not all of europe these days
Outperforming in what ?
@@zaydalaoui9397delusions of grandeur
@@zaydalaoui9397 idk basil production?
😂
I feel nobody has a good answer how to improve the economy of Europe. Europe is falling further and further behind the US and have a hard time competing with China. Add to that an high welfare expenses and the future looks bleak.
The EU has no solution. It's easy what EU should do but they won't. Remove sanctions on Russia, leave Nato and make up with your neighboors. Russia will respect it, and can't do much without losing face from allies (BRICS). Then, Europe has to become the Switzerland of the world. Don't try to be a hegemone, because you can't compete. Trade with whomever. Ignore the bullies in Washington. Like I said, will never happen. It will get worse.
@@yunusgokcen174”bullies in Washington”
Right, because Europe was so innocent before the 1900s. Such hypocrites. Lmao. You have been doing more bad things centuries before the US even existed.
I suppose it can't really do much when it fundamentally lacks natural resources to draw from.
If it can do protectionism, it could feasibly copy China's strategy of buying or stealing know-how and just building up their own economy.
But in a world where international markets drive domestic prices, they have no buffer.
Because their output is small.
They have extremely advanced industries but lack the basics.
@@yunusgokcen174 “bullies in Washington” Europeans treating other countries poorly for centuries and then play victim when someone does it back at them. Amazing continent of people. 👏
@@yunusgokcen174"Russia will respect it" lmao
Your videos typically make good use of diagrams and charts 👍, but please pay attention to labels and axes!
For example, the pie charts at 4:03 have no labels at all, which obviously makes it difficult to compare them, defeating their purpose...
Again, at 1:22 you show a bar chart comparing annual targeted vs actual government spending, but without any labels. Indeed, this chart actually highlights 2020 as the problem year, with the biggest difference between the two, NOT 2023.
Macron has a reputation for competence? What? Next thing you tell me is that Scholz is famous for his iron will.
Or his memory 😅😂🙈
I mean, he was sold to us as "Finance's Mozart" so if one thing the french expected, is competence balancing the books...
He is and nobody serious thinks otherwise.
@@DemonZest Sure, for example his idea of "strategic ambiguity" in Ukraine just screams competence.
@@DemonZest depends
If only there was a way to decrease spending…
Nowadays, debt is not even a problem as long as you're renewing it. In french, we see "faire rouler la dette"
yours is the most stupid statement posted here.. Debt will destroy western economies.. it's going to happen soon.
the debts of South Europe were always a problem - the Eurocrisis never ended - the ECB printed money to "hide " the crisis but it is still there and even worse than during the Greek crisis
La pen isn’t an extremist, that’s incredibly unfair.
*Lepen. Officialy you spell it this way I guess you are not French and therefore you don't know. On some topics yes she is an extremist. Her party is the descendants of the Nazi party. However there is more extremist than her: the Reconquête party lead by Éric Zemmour (he wanted to forbid foreign first name)
@@em499 I am not French no, Thankyou for correction
She just doesn’t even seem right wing, being anti immigrant is a centrist position in Europe now, maybe if current leaders were not so useless this wouldn’t be an issue
@@9n3- You are welcome. But yes believe me she is right wing, not center. Macron is Center. Before the rise of the right wing in Europe, she was considered by the majority as far right, now it's just right. Her party is the most popular for the European election in France
@@em499 Le Pen -(written as two words)
@@edmerc92 Yes you're right it's my that phone wrote it this way
The labour productivity is dropping in France and their population is aging. I'm worried for their economic future.
The french population is actually aging slower than most of Europe.
They have plenty younger migrants 😅
Almost all European countries except Norway/Switzerland have record high trade deficit/debt but there gdp per capita is growing out of thin air can anybody explain to me how that is possible
Sure. Inflation and foreign money from 3rd world oligarchs parked in those nations financial systems. You go to Ireland and tell me if it looks like they have 60k eur year income per capita.
It’s pretty easy to explain: you are wrong,
The EU has a trade surplus almost constantly.
@ad_astra468 rubbish EU has no trade surplus Germany/Luxembourg has but almost the only 2 countries in EU
@@ambessaseway5594 Google it
@@ambessaseway5594 It literally does, google it.
The Main Political Debate In france is to regulate Palestinian Protest. And tu regulate how Women should wear a piece on cloth on their head or not.
FYI: 7:11 Wrong person to ilustrate the left in France European election
All them migrants u av to look after,thank god uk got out of the eu
Missed the mark on this one, spent exactly 1 sentence on interest rates, no mention of being the largest welfare state, no mention on migrations effect on the welfare budget
Probably because those were already there for decades, including during the 1990s when France was the most dynamic european economy. Hence why they're not a problem per se, far from it.
High debt states will draw the eurozone/states into paying for their failure in long term, which will leave everyone in worse situation OR the eurozone as it is will break apart, it is held together by moneyprinting already
All of a sudden Frances 180 on the topic of European debt sharing makes sense. It’s not a “hey guys let’s work together to spend more and develop faster than we could alone.” It’s a “how can we sucker these idiots into paying our debt for us?”
Italy: Welcome to my world, France.
Idk but the economic to political transition was so funny
Just another sign of the overall failure of European politcal union. If they do not go back to a more economic union, it will fail..
People's of France have to understand Olympics tournaments is coming.
France is pulling the Greek card /s
France, unlike the US and UK, cannot simply issue new money to cover its budget deficits. The euro is managed outside the control of the members.
Well, one of the ways they could tackle this is let people from English speaking countries to work in France. Even international companies in France dont hire people who dont speak French.
How about no? Workers are far from what is really needed... Here I always here that my country need immigration 😂 yhea try to find a job here and tell me if we really do.... Employers need slaves and more desperate people to lower wages which are already ridiculous. We don't even need engineers, we have too many, we need phisicians but you cannot help anyone without speaking the language....
@@MarketsDriveTheWorld What is wrong with Slavs?
@@cheerful_crop_circlehe said slaves not slavs?
@@VMohdude- 😂😂😂😂 Oh Im so dumb
@@cheerful_crop_circle 😂
France nabbed most of Britain's inward investment after brexit and have high productivity from a highly trained workforce but way higher spending on pensions, benefits, Industrial strategy and public services
Some people in the comment section don't understand the root cause of the higher working hours and worse living standards. The aging society took away the total productivity within the country is one thing, the other thing is that the Chinese squeeze your country's share of the GDP around the globe. EG, in a hypothetical world, your country's GDP used to be 10% of the world's GDP, so you are rich, especially the way GDP is C+I+G+X where X is the export (when you export stuff, you add other countries' GDP into your country, whilst subtract other countries). Now your country barely makes 3% of the world's GDP, so you are no longer rich... Hence the way to solve the problem in the West could very simply be to "Force China to stop their state subsidies and stop artificially suppress Chinese wages, so Chinese people can consume the excess capacity internally whilst improving the livelihood of Chinese" But China decided to just flood the market and bankrupt your company then steal your GDP by making your country deficit in trade.
Italains have much lower perosnal debt than most other major industrial economies.. look at canada.. pathetic levels of debt ($1.85 debt for every dollar). Canadian living standards are a facade
This is not an issue I guess.
Becoming? It already is.
The French don't care about state debt. Maybe they need a visit from TROIKA to remind them of the consequences.
Macron can make huge spending cuts, but the public services are on the brink of collapse due to underinvestment for ages. teh biggest expense of Macron´s governement is actually subventions to companies, this represents 280 billions a years (4 times the education budget) and teh second "expenditures is actually the wealth tax that has been cutr and is reducing the revebnues by huge amounts. but he prefers cut another 10 billions in education, health services, infrastructures, social money, job less money and retirement money.
The taxes on the wealthy are not new, just reinstoration of what Macron has cut to the benefits of his friends.
cutting 30 billions out of 280 of the fiscal give away to the big multinational corporations, is not a big deal, just at the complete opposite of macron´s ideology.
Yet billions is spent on prestige projects like the olympics..
@@MChagall Yep, a few billions, actually les than what they want to save in bare essentials. And the olympics will probably be a good things for the tourism based french economy.
@@benjaminlamey3591 France is already the most visited country in the world, do you think it will bring in so many more visitors to spend billions extra in taxable goods/services?
francophone are good people. churchill offered a union during ww2 to keep them in the fight, helped my country earn independence, philosophy on existentialism ( to a point some actually hurt us), and have ACTUAL pride in their country. I admit the neo colonial foreign policy is embarrassing, in MY opinion, but the are in the good aisle. I hope they continue to step up and lead european issues. as an American I am on the isolation side of the aisle and I think France is an honorable country ready to take over from us.
French should wish to be like Italy. Italy has been running for many years primary budget surplus. That means that in absence of interest the budget is positive and the burden of debt goes down over the years, due to inflation. The “superbonus” is a one off, and is capital investments financed by European recovery plan. In absence of that the deficit is totally in line with the regular surplus.
Italy fiscal deficit reached 7.3% of GDP in 2023. It matters little were the money goes : what matters is that Italy's debt, like France's one, are growing fast year to year.
Italy's debt has been growing out of interest on debt itself. Not due to crazy spending. The superbonus is an exception in the last 20 years.@alioshax7797
Not really, being like Italy doesn’t lower the debt it just makes it rise slowly. Being like Portugal lowers the debt which is what Italy itself sho do after the super bonus ends.
Italy's debt has been growing out of interests on the debt itself. Not due to crazy spending. The superbonus is an exception in the last 20 years. @alioshax7797
@@ad_astra468 Portugal's strategy consists in making all people poor and out-priced by foreign investors. Should definitely be not an option for a big and diversified economy like Italy.
So they he straight up says he rather fck over the working class rather than increasing the taxes for the rich? Nice...
Yes. Because the rich can leave. The rich can buy citizenship in several countries for as little as 110k USD, and go live there.
If you tax them too much you will end up getting 0€, because they will leave.
The middle class and the poor do not leave, because they cannot. They will stay in the welfare state they vote for, and be forced to pay it.
Fall in Investments in France means to say downgrade of Debt.
Investors lost Confidence in France for Investments to Tap the National GDP.
France is the first recipient of FDE in Europe. I don’t know what you’re talking about
Hungary is different from Czech republic.
If you squint though.. 🤣
Most French people never had one economics class during their education. They think money grows on trees or falls from the sky. It already has the biggest spending on welfare, the highest percentage of state employees, and almost the highest taxes in all of Europe. This all stems from Gaullist economic statism and Mitterand’s French neo-socialism.
We litteraly have economic in highschool what are you talking about? It's easy for a foreigner to put every French in the same bag
@@em499, then why the massive pension protests last year?
Anyone with basic knowledge of economics would have saw that your retraites par repartition was never going to be sustainable going forwards. You only had a surplus until 2030, you have a growing deficit in other sectors of the economy, the population is aging (despite it being the slowest), the fertility rate is declining.
@@em499 Half of France saying that 'taxing the rich' is the solution to any and all structural issues in your economy or social safety net is really indicative of the fact that those high school economics lessons haven't taught you anything.
Then again, France's political culture is unique in that a very specific interpretation of the French Revolution has played a large role in your collective imagination.
A political culture where you seem to believe that politics and the social contract is solely about politics rights, and not the political responsivities that come with them.
@@inbb510 I've never protested because I know it's the solution. Not every French protested. Is it hard to understand to not put everybody in the same bag ?
@@jamesclarke2789 I never said it was the solution. Not every French says that. Is it hard to understand that everybody is not the same ? Did you drop out of kindergarden ?
Meybe they should start to tax the rich and corporations...
The top 10 percent of earners and corporations pay almost all of the taxes. They are taxed extremely highly.
How nice too live in the few country with AAA
I am half-way into the video... I hope you assest the big elephant in the room which is the missmanagement of the olympic games
They are not the primary cause of the deficit. The games will cost 9-10 billion euros, half from the private sector. France's GDP is 2,5 trillion euros.
@@edmerc92 those are NOT the data I am hearing
Bru highlighted bad contry
Surely it's President Macron, not Macron? You wouldn't hear any serious presenter referring to King Charles as simply Charles or Windsor, would you?
I have tried to lift France out the mud, But she will return to her errors and vomitings, one cannot prevent the French for being French.:- Charles De Gaulle
An evening in Paris 🎇
French people work 7 hours per day and retire 5 years before any other European country.
2 years before, since last year's reform. And that's an average.
And yet they're more productive than most developed countries.
Do you know what made the debt burden grow out of control ? Tax cuts for the rich and subsidies for corporations. Google it up
It can't be cheap maintaining that hairpiece 😅
You need deficits for consistent growth, and growth comes with more tax revenue. So more spending could actually reduce the debt to GDP ratio. A lot of people look at Japan's 250% debt to GDP ratio and assume they spend too much, but they've actually opted for contractionary fiscal policy, and that has led to a collapse in tax revenue. So their high debt to GDP is a result of too little spending, not too much
Japan's debt is primarily held in Japanese hands, which gives them more room to maneuver (The same reason why China's astronomical 250% debt to GDP is not immediately catastrophic either). Even so, 22% of Japan's entire budget goes directly to debt servicing, which is a huge sum. Japan has many more issues, including a lack of innovation and company spending on research and development. Japanese companies prefer to pay out dividends instead, which does not fundamentally grow the eocnomy.
But your deficit can't be consistently higher then your growth rate. Thats the issue with france right now.
I mean yeah, but it sorta depends on what the return on that deficit is. If your growth can service the additional debt burden then it's fine. Though here that's not the case.
@@serebii666you point out yourself Japans debt is mostly owed to their own citizens. Therefore paying 22% to _your own citizens_ is a form of stimulus. Same with dividends. I wish folks stop bashing Japan from a narrow western perspective. In the west, all the spending is just wasted or goes to the 1%. In Japan, the individual citizen is doing well.
No you need innovation for consistent growth, a more efficient way to produce more stuff. More spending can only help it, but the main drive isnt spending
Er?.. the problem is, where is much of this monumental French national debt held? ..and what percentage of the country's already sclerotic GDP growth is accounted for merely due to the huge immigration by disproportionately not-all-that skilled (and outright economically inactive) incomers?
Indeed! In that regard, France is not dissimilar to Britain! Although amazingly, our own admittedly insipid real growth rate is at least somewhat better!
Britain is worse off I think since they've tried a kind of austerity, not sure though
@@azertyuiop432 What "austerity"?
This is what happens when you want to retire 5 years earlier than your neighbours do
To be honest they have a better demography than most of their neighbors.... Even if I'm not sure is such a good thing.......
Ratings agencies are not making ratings out of some civic duty. They are out to make as much money as possible.
I'm German
Be careful about saying the word "extremist" while showing Glucksmann of the Socialist Party. He is a moderate center-left politician, not at all similar to Mélenchon (Who is currently having a very rough time and massively losing in popularity and voting intentions.)
If you're talking about 7:50 , it's actually Boris Vallaud. It took me a minute to find who was that guy.
@@mrburne3043 Right, I assumed it was an older pic of Glucksmann because I didn't see who else made sense. Turns out the answer was: It didn't make sense.
I guess a problem is that extremism is always somewhat hard to define. I don´t think Mélenchon is an extremist myself, I don´t agree with every single word he says, but he has been the victim of an intense right wing smear campaign. I think France has had a dreadful record on free speech since the 2000s. Anyone who dares criticise French policy on migration, on religious freedom, etc, is immediately called an "Islamo-gauchiste" and it´s impossible these days to have a sane conversation about it.
@@Minimmalmythicist And likewise anytime a person expresses concerns about migration they're instantly labeled a "racist" . Polarization is one hell of a drug and I think we'd all gain a lot from softening the way we portray the people who disagree with us.
@@albevanhanoy I think it can be true and that we can question some ways migration should be handled.
I personally think the French authorities should have processed the illegals on their territory properly and not allow the Calais camps to form, for example. I say that being fairly liberal on migration.
Also, there is far more demonisation of the left in France than there is of the right atm. It´s got to the point where we now have a 50%+ chance (in my view) of a Le Pen presidency.
I think that´s a sign of a thoroughly sick society if that can happen. If anything it´s far worse than Brexit.
There's a lot of things Macron should be worried about. I swear, his entire tenure has been plagued by Murphy's law.
I need 5€
The French continue to illegally 121 Polynesian Islands which include Tahiti, Windward Islands, Leeward Islands, Gambier Islands, Marquesas Islands, Austral Islands, Tuamotu Archipelago apart from Réunion, Martinique, Guadeloupe, Guyane, Mayotte, New Caledonia, Saint Barthélemy, Saint Martin, Saint Pierre and Miquelon, Wallis and Futuna, Southern and Clipperton Island, Saint Pierre and Miquelon, Adélie Land, Crozet Islands, Kerguelen Islands, Saint Paul and Amsterdam Islands, Scattered Islands.
Gold mines in France produces roughly 1.5 tons of gold a year. Even if we take two centuries, it would add up to only 300 tons. And yet, France holds 2500 tons of gold, the rest being looted from the rest of the world.
Matthew 24
6 You will hear of wars and rumors of wars, but see to it that you are not alarmed. Such things must happen, but the end is still to come. 7 Nation will rise against nation, and kingdom against kingdom. There will be famines and earthquakes in various places. 8 All these are the beginning of birth pains.
Stop acting like an arrogant as you are super rich, but you are not rich, so shameful.
Rating agencies lmao
Imagine having your interest rates determined by outside entities. Countries that borrow in their own currency could never relate
Pls do a video about Romanian debt, thank you.
France seems to have plenty of money to give Ukraine!
That's loose change 🤡
What kind of world we are living in … they think Palestinians child are not human .. but what kind of human they are they hv killed 14000 thousands child in GAZA --human can not do this …
Despite the problems, the UK is still worse than France because France is still part of the EU, while UK is suffering more as many Brits prefer to leave the UK
Yes, but unlike France, the UK has it's own sovereign currency, and borrows in it's own currency. So they have full control of interest rates, a credit rating agency could never affect them. The UK's struggles are a choice, but France is forced into austerity by the Euro
@@grimaffiliations3671 They do not have full controll over their interest rate, at least not in a way that matters. If the UK were to start spending way too much people wouldn't buy their debt at a low interest rate. They would expect interest rates to mach inflation and risk. They have a bit more leniency because they can print their own money, but that would make inflation rise and potencial debt buyers expect higher interest rates as a result of that. There is no infinite money glitch in the real world and every country needs to keep their spending in line, even the UK.
UK will hopefully reclaim full sovereignty soon.
@@raul12300not true, the interest rate isn't determined by demand, its determines by the policy rate of the central bank. This is how Japan can maintain an interest rate near 0 despite a debt to GDP ration of 250%. This is how the UK was completely isolated from the interest rate spikes that occurred after 2008 in places like Greece and Ireland. When your borrow in your own currency, you can always defend your rate against any market movements
@@Ganymede559 And yet, UK is selling Royal Mail to Czechia, no wonder Brexiteers have a very low IQ when it comes to sovereignty, because France still controls British Energy while Germany controls British Transportation
The south of Europe likes to spend, the north likes to save. You can already see the big difference in financial policy between the Netherlands and Belgium, two comparable countries but still a world of difference. Belgium has a national debt of 105.2% of GDP, the Netherlands has a total national debt of 46.5% of the country's nominal GDP. And when the south needs money again, the north will step in.
You forgot to mention that Netherlands' private debt - GDP ratio is 101%, while for instance Italy's is 42%. And that Portugal, Spain, Italy and Belgium have the highest home ownership rates of Western Europe. And that some of these countries have mainly an internal public debt, being still international net creditors.
I was waiting for the comment of some Dutch nationalist though 🎪
PS: the Netherlands has been a legalized tax heaven in the EU for 50 years or so.
Something to note is the stark difference in debt level between the Flemish and the Walloons (much higher in Wallonia).
@@kianlakchi7182 Netherlands' private debt - GDP ratio is 101%.
The fact you call his competition extremists is wild
Who knew trying to reduce deficits held by public/gov't would reduce private sector's savings & income? Ha! [Edits] This coupled with the subsidies debacle with an NGO I see a Freexit soon.
It's the 1780's all over again
Read Emmanuel Todd, this is only recommendedation
Good morning, let's not just talk about infringement of the morarchy of each country which is the monetary security. The bank of Germany is such that the American one dies, another daughter-in-law ends up bankrupt
Brexit
the left wing guy in the vidéo animations is not french...
L'an khul 2024
Debt isn’t really the issue. Trying to reduce it is an issue.
Plus, this year’s global economy is just a comparison of who’s even worse.
He just pledged billions for Ukraine.
And has his ass kicked out of Africa.
France must be doing fine.
Maybe increase taxes on the top 1% to cover the deficit?
France tried a wealth tax. As economically literate people knew it would, it reduced tax raised. Spite and envy are expensive.
Or tax companies operating in the country regardless of where their legal base is like the USA does. Tbh all of Europe should start doing that, there’s too many companies in Belgium who do not operate in Belgium.
Income tax on big earners is already very high in France, with a lot of tax avoidance as a result, meaning increasing that rate has a good chance of having the opposite effect of lowering state income. There is also a wealth tax on real estate.
@@aesma2522 so you do something about tax evasion, and there are things that can be done
Tax assets and not income, they will get scared 😂
Record low fertility, Record highs of seniors, sounds like Europe is a 💩💩hole
This video is a liberal mixture of vague arguments that give in no way an accurate insight on French's situation.
The whole Europe is the next Italy.
I blame Niger, Mali, Burkina Faso, Senegal... for refusing to be looted by france 😂
Their numbers clearly say they have minimal impact.
"looted"
New Caledonia as well
@@calvinang1I garentee you Caledonia costs France more than its brings in, so do most other french overseas territories.
French colonies are dragging France down! Ungrateful people! Lucky for them France is exceptional and special!
When will they realize that debt does Not Matter for a working state
Last time france had a huge deficit(20%), they did a crazy revolution, looking forward to it!
Maybe it's time for a modern version of the gillotine?
Who could've thought that persisting on suicidal austerity policies would lead to more debt and more waste of french taxed euros ?*
(*Litterally every economist with a still funtionning brain)
In last few years France lost neo colonial empire in North Africa so in last few years they don’t have access to cheap looted resources from North Africa
Through my research, I’ve found that whatever else the French might be good at, handling finances definitely isn’t one of them.😂😂😂😂