PARIS (Reuters) โ Franceโs financial situation is concerning with the budget deficit at one of its highest levels in history, newly appointed finance minister Antoine Armand said on Tuesday.
โThe situation is serious โฆ We are going to work hard to match the seriousness of this situation,โ Armand told France Inter radio.
Unknown outside of Parisian political circles, the 33-year-old faces huge pressure to figure out how to rein in Franceโs budget deficit as it spirals towards 6% of GDP.
In a further sign of investor jitters about France, the countryโs 10-year bond yield was just 1-1/2 basis points away from surpassing that of Spain for the first time since late 2007 on Monday.
(Reporting by Tassilo Hummel; Editing by Andrew Heavens)
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