Massive budget cuts planned by Paris could dent demand for the euro, according to global finance firm ING
France’s efforts to tackle its growing deficit have reignited concerns about EU stability, with financial markets bracing for the fallout, Bloomberg has reported, citing ING Groep NV strategists.
The euro dropped to a one-month low this week, driven by tensions over French Prime Minister Francois Bayrou’s massive deficit-cutting plan. His proposals, including slashing public sector jobs and curbing welfare spending, could fuel debate in France’s minority government and undermine investor confidence, the strategists warned.
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