2024-10-13 15:07:00
After the Fitch note and the presentation of the 2025 budget project, “the markets are starting to look at us”, warns Pierre Moscovici
The president of the Higher Council of Public Finances (HCFP) and president of the Court of Auditors, Pierre Moscovici, estimated on Sunday that the rating of the Fitch agency says: “We are not bankrupt,” Moreover “the markets are starting to look at us”. Fitch maintained France’s AA- rating on Friday, but placed it lower “negative perspective”the day following the presentation of the 2025 draft budget.
“He says this (…) we are not Greece [placée en faillite en 2012] and we are not bankrupt”declared Pierre Moscovici, guest of the RTL Grand Jury-Le Figaro-Public Senate-M6. “AA- that’s a good grade, but people are starting to look at us and ask questions, wondering if our signature will be as strong in the future, if our credibility will be as strong”he added. “If the markets start to look at us with more suspicion, there will be risk taking and it will become more and more expensive (…), there can be a snowball effect”he said. “That’s why this effort [budgétaire] it is necessary”he explained.
Even the president of the Court of Auditors thought so “essential” to understand what happened in the management of the 2024 budget. “It is essential to understand, not question the responsibility of so-and-so (…) but so that it doesn’t start again”he continued, announcing it “The Court of Auditors will play its role”.
“In May we will make an extremely precise analysis of what happened in 2024”added Mr. Moscovici. According to him, “there is a truth that must be established, there are facts that must be shown, processes that must be explored”. “It is very important to know what happened and in a technical, objective and informed way. The Court of Auditors will do it by May, it cannot be ruled out that Parliament decides to do it more quickly” through a parliamentary commission of inquiry, he underlined.
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