European media's fascination with the burgeoning US debt bubble, expected to hit a staggering $35 trillion, often overshadows their own fiscal woes. However, closer examination reveals that Europeans should focus on domestic matters first.
In France, for instance, the public deficit for 2023 widened to 5.5% of GDP, up from 4.8% in 2022, surpassing the government's target of 4.9%. It's evident that the current year's projections will likely fall short of reality.
France's public debt witnessed a modest decline by the end of Q4 2023, standing at 110.6% of the Gross Domestic Product (GDP). This marks a marginal decrease from the previous year's Q4 figure of 111.9%. However, it falls slightly short of the government's ambitious target of 109.7% for 2023. The incremental progress hints at the nation's ongoing efforts to stabilize its fiscal standing amidst economic uncertainties.
Amidst Europe's recessionary woes, the debt trap is tightening its grip, necessitating a shift in attention. Expect further diversions, especially from the European Central Bank struggling to defend interest rate spreads.
21 sats \ 4 replies \ @draoi 26 Mar
Italy and Greece have higher levels of public debt proportional to GDP than the US. Germany however has relatively low debt, and a trade surplus.
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In case of Germany You have to calculate some hundred billions of debt more which they hide in 'special assets and funds'.
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21 sats \ 2 replies \ @draoi 26 Mar
Source?
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the media, especially in Germany, are very strongly start-centered. they have also long since switched to war rhetoric, as they largely receive subsidies from the state, and defend the state and its measures to the hilt. as far as the euro is concerned, it has always been a media model and they are trying by all means to keep the crisis of the european banks down. In my daily press review, in which I have an overview of over 30 leading European media outlets with a strong focus on Germany, I have noticed for years that this doctrine of looking to America to discuss the problems there broadly and keeping the European ones quiet in detail. The only really important topic in the German media is climate change and ecological transformation. As evidence, I simply ask you to enter the keywords and confirm what I am saying here in the Google search.
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