PARIS—French Economy Minister Bruno Le Maire said Saturday he was determined to seek billions of dollars in new government spending cuts after ratings agency Standard and Poor’s downgraded France’s credit score.
The US agency justified its decision to drop France’s long-term sovereign debt rating from “AA” to “AA-” on concerns over lower-than-expected growth.
S&P is among a host of agencies and economists to cast doubt on the government vow to cut its budget deficit to under three percent of gross domestic product by 2027.
Le Maire launched a media campaign after Friday’s announcement to defend the government’s spending record.
He vowed to “continue exactly on the same path, without accelerating or slowing”, in a video posted on YouTube on Saturday. AFP
