State debt in five questions

The public deficit was smaller than expected in 2014 but remains significant and leads to an increase in the public debt which increases. In France, where is this debt?

4% This is the level of the public deficit of France in 2014, according to figures released Thursday, March 26 by INSEE. Still, above the level required by the Maastricht Treaty (3% of gross domestic product) and the initial forecast (3.6%) and then corrected (3.8%) of the government for the year, the figure is however below of the government’s updated forecast in September 2014 (4.4%).

In September, Michel Sapin had justified this new “skid” by a “slowdown in inflation that no one had anticipated,” according to the finance minister. But, if the deficit is so bad press, it is mainly because it feeds the public debt. Because it is by borrowing – by indebtedness – that the state and local authorities fill this gap.

Deficit goes down, not debt or public spending

93.6% Despite this difference in forecasts, the deficits manage to be stabilized, even reduced over the last years. On the other hand, the debt continues to increase, reaching 2,037.8 billion euros, or 95% of GDP, in the last quarter of 2014.

Public debt steadily increasing. It reached 95% of GDP in 2014.

To be indebted, for an individual as for the State, means to borrow money and consolidate payday loans via Indicerural Visit This Link. But to whom does France appeal?


1. Public debt is the debt of the state (but not only)

The public debt is composed of the State’s debt, but also the debts of other central governments, local authorities and social security organizations. Moreover, it is almost exclusively the state that comes, in volume, the increase in public debt in recent years. For example, between the last two quarters counted, the state weighs 43.3 billion euros out of the 45.5 billion additional public debt.

This public debt is measured “within the meaning of Maastricht”, that is to say excluding public debt securities held by another public administration. This is the case, for example, of government deposits in the Treasury.

2. From whom does the State go into debt?

It is, therefore, foreign institutions that, for the most part, lend to the French State to finance its deficit. The other creditors are French institutions, mainly insurance companies and banks.

Who are these foreign creditors? Pension funds, major banks, insurance companies, sovereign wealth funds … It is impossible to know exactly which country has the most securities: the law prohibits the disclosure of this information, except to the sellers themselves. same.

3. Foreign (but mostly European) creditors more numerous

In 1993, only 32% of the public debt was held by non-residents. This proportion continued to climb until 2010, reaching a peak of 70%.

60% Many of these foreign creditors nevertheless reside in the eurozone. In 2010, 52% of the debts of France and Germany were held within the eurozone and therefore denominated in euros. In addition, 60% of the debt of both countries is held in Europe in the broad sense (including Norway and Switzerland).

4. How does a country issue debt?

To finance its deficit, the State issues three types of bonds, that is to say, securities purchased by the creditors of France.

Treasury equivalent bonds (OAT). These long-term securities, the largest in volume, are repayable in two to fifty years. They can be fixed or variable rate.

Treasury bills with annual interest (BTAN). These medium-term securities are repaid in two to five years. They have not been issued since the end of 2012, but the last BTAN will expire in 2017.

Fixed rate and discounted treasury bills (BTF). These short-term securities are issued for very short periods (less than one year), for cash management purposes.

5. A sign of attractiveness, but also a risk

The fact that the national debt is held by foreign players is an asset as much as a weakness. An asset, because it is a proof of the attractiveness of the national territory and the confidence it obtains from the markets. An attractiveness of French debt illustrated by the high ratings given by the three largest national bond rating agencies, Moody’s (Aa1), Fitch (AA +) and Standard & Poor’s (AA), synonymous with “high quality”.

Thursday, September 4, France has even borrowed on the markets to a new low floor for benchmark bonds with a maturity of ten years: the country raised 4.297 billion euros due November 2024 at a rate of 1.32%, erasing the previous record, which was July 3 (1.77%).

However, a high rate of debt held by non-residents also means that the country is sensitive to the international situation. Greece or Portugal, which also had a debt mainly located abroad, paid the consequences during the sovereign debt crisis. The fears of their creditors, that these countries can not honor their debt and the interest that goes with it, had then caused an explosion of interest rates, and difficulties all the greater for these countries to borrow on financial markets.

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