Breton: "France will be the first issuer of debt in euros in 2013

Asked by the business daily La Tribune published on Thursday, former Minister of Economy and Finance and current CEO of Atos Origin, Thierry Breton, calls for strong commitments to reduce the debt of Latin Europe and in particular France. During the next decade, these countries will face the "telescoping" of two costs: the repayment of past debt (previously issued securities that expire) and new financing budget deficits.

The capacity of countries in southern Europe to repay their debts does not inspire much confidence in the markets as Germany, currently the largest emitter of debt of the eurozone. Inherited from the reunification, the German debt represents 73% of gross domestic product (GDP) and is expected to gradually reduce in the coming years.Moreover, investors do not doubt the capacity of fiscal consolidation in Berlin, unlike those of other European countries.

"The constitutional constraint is my preference"

Thierry Breton, the euro zone countries must commit to restoring the balance of their accounts under the rhythm of each country by the year 2016-2025. For France, whose debt issues should dethrone those of Germany in 2013, "the goal would fall to 2020, according to former Minister of Economy bad credit pay day loans.

The French debt represented 77.6% of last year's GDP and the country's public deficit amounted to 7.5% of GDP, well above the Maastricht criteria (respectively 60% and 3%), Thierry Breton now considers inappropriate: the true test of Evalution countries should address, according to him, the annual estimate of their "actual financing needs" and "solvency".

To avoid both the severity and growth deficits and uncontrolled debt, Thierry Breton called for "firm commitments": "If the constitutional constraint has my preference is first because it is collective freedom and national consensus. "

It also explains limited to enshrine a deficit in the marble of the Constitution would be the most reassuring to financial markets, "an absolute guarantee in the eyes of those who buy our debt."He concluded that "such a guarantee is the remedy, the real, against speculation."

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