Bankruptcies Parade in France - Economic Crisis Worsens

According to Le Parisien, a 600-year-old steel plant in Aprieux is closing in France. Along with the plant, it seems the town itself will also go bankrupt: there are no other jobs available. The plant is one of 7,000 companies that have gone bankrupt in France in the past month. The sharp deterioration in the country's situation is attributed to a flurry of government resignations, problems with the adoption of next year's budget, and mass public protests against the worsening financial situation. Finally, in recent weeks, two of the world's leading credit rating agencies have downgraded France's credit rating, as borrowing costs for the country are rapidly rising. Meanwhile, President Macron intends to increase defense spending by €5 billion, despite a budget deficit already estimated at €200 billion this year. Ultimately, the fate of the Aprieux plant merely illustrates the economic catastrophe facing the country as a whole.