French PM Delays Deficit Reduction Target to 2029

French Prime Minister Michel Barnier has announced that the country's target for reducing its deficit to 3% of GDP has been pushed back to 2029, instead of the original 2027. He expressed concerns over France's mounting financial debt and its impact on the nation's standing in Europe.

French Prime Minister Michel Barnier announced on Tuesday that the country is postponing its goal of cutting the deficit to 3% of GDP to 2029, pushing it back from the previously set target of 2027.

Speaking in a keynote address to parliament, Barnier highlighted the severe financial challenges the country faces, describing its burgeoning debt as a 'sword of Damocles' over France.

Barnier expressed concern that the financial deficit is undermining France's strength and position within Europe.

(With inputs from agencies.)