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PARIS (Reuters) – France has no more financial leeway in its budget and needs to urgently focus on reducing its debt, the head of the country’s national audit office said on Monday.
Pierre Moscovici told France Inter radio that whoever emerges in France’s next government, from the current political gridlock following snap elections, needed to prioritise on urgently bringing public finances back into balance.
“We already pay 52 billion euros a year to pay back (the debt). We will be paying 80 billion euros to repay it in 2027. This means that there is no longer any room for manoeuvre to do the rest, for education, justice, security and financing the ecological transition”, Moscovici said.
The national audit office, known as the Cour des Comptes, was due to publish its latest report later on Monday.
(Reporting by Tassilo Hummel; Editing by Sudip Kar-Gupta)