France Faces a Record Level of Debts

France Faces a Record Level of Debts

France‘s foreign debt for one quarter in 2019 exceeded 100% of GDP and reached a record 2.14 trillion euros, which means the French president Macron’s election promise to reduce the countrys debt by 5% within 5 years has remain unfulfilled.To get more news about WikiFX, you can visit WikiFX news official website.   France‘s debt increased by 39.6 billion to a record 2.415 trillion euros, which is 100.4% of the GDP of the same period and second only to the two worst indexes in history. As a new round of negotiation between the French Government and the Trade Union turned out unsuccessful, the latter ignored the voices from government and public that urged them to stop strike during Christmas and the New Year and declared they’ll carry on the strike until January 9th.   Macron seems to be left high and dry with the economy showing no signs of improvement and reforms facing oppositions from various sectors.Large scale protests may put an end to any reform plan before it even starts. Looking back at the forecasts made a year ago by the DailyFX analysts, I was struck by the fact that four of us were bearish the Euro: two against the Japanese Yen and one against the Canadian Dollar while I predicted a fall against the Swiss Franc.   We were all right: EUR/JPY and EUR/CHF both dropped between late December 2018 and early September 2019 before rallying later in the year; EUR/CAD fell between December and early October before recovering. For me, the major surprise in 2019 was that the Euro did not fall further, as I had expected the Eurozone economy to be hit by Brexit which, of course, did not happen.