The new French prime minister says the country’s ‘colossal’ debt is the ‘sword of Damocles’

Associated Press

PARIS (AP) — In his inaugural address to parliament, the new French Prime Minister Michel Barnier has warned that “colossal” and spiraling debts are a “sword of Damocles” hanging over the finances of the European Union’s second-largest economy and announced belt-tightening and more taxes to reverse the trend. He promised to cut state expenses, spend money more “efficiently” and fight tax evasion and other frauds. Left-wing lawmakers kept up a steady drumbeat of shouted comments throughout but failed to throw the veteran politician off his stride. Tuesday’s opening of parliament and Barnier’s address kicked off what promised to be months of tumult in the National Assembly — which is sharply divided from surprise elections three months ago that produced no clear winner.