France launches a 100 billion debt recovery plan. We are waiting for the Recovery …
French Prime Minister Jean Castex on Thursday presented a plan for the economic recovery of France worth 100 billion euros over two years to help the country's economy recover from the recession following Covid-19.
It is "the amount necessary … to return to our pre-crisis level of wealth by 2022," said Castex, while advertising "the most massive recovery plan among European countries in proportion to national wealth ". Right words also because the Macron-Castex government is currently among the most contested and France has had a blow equal to, if not greater than, that suffered by Italy for Covid-19.
"It is preferable to increase the public finance deficit rather than sinking into austerity and letting unemployment, misery and human drama explode," said Castex, showing that economic well-being is more important to France than debt. however, according to the prime minister, it will only show its effects from 2025.
The new 100 billion euro package adds to the approximately 470 billion euro of public spending and loan guarantees already announced since the coronavirus crisis hit and therefore France, between guarantees and direct money, is at 570 billion. not the "Bodenza di fuoco" by Conte.
The plan envisages three directions for additional public spending: greening the economy (30 billion euros), promoting the economic sovereignty and competitiveness of France (34 billion euros) and financing "solidarity and skills" through social spending (36 billion euros).
All this is financed without the Recovery Fund, but in debt. This does not mean that Macron and Castex do not kiss Merkel's imperial slipper, thanking the collaboration with Germany because, thanks to this, they will also enjoy 40 billion from the Recovery Plan.
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The article France launches a 100 billion debt recovery plan. We are waiting for the Recovery… it comes from ScenariEconomici.it .
This is a machine translation of a post published on Scenari Economici at the URL https://scenarieconomici.it/la-francia-lancia-un-piano-di-rilancio-da-100-miliardi-a-debito-noi-aspettiamo-il-recovery/ on Sat, 05 Sep 2020 15:57:35 +0000.