French lawmaker says 'country is totally bankrupt'

Last Updated: Wed, Jan 30, 2013 05:30 hrs

In a shocking and embarrassing statement on state of the country's economy, France's Employment Minister Michel Sapin has said that the 'nation is totally bankrupt'.

The unexpected news came during a radio interview, and is thought to have sent the country's business leaders into a state of shock.

Sapin said that 'there is a state but it is a totally bankrupt, and that is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.'

According to the Independent, Sapin's statement is likely to cause huge embarrassment for President Francois Hollande, who will be left to undo the potential damage to his socialist government's reputation.

The comments came as President Hollande attempts to improve the image of the French economy after pledging to reduce the country's deficit by cutting spending by 60 billion Euros over the next five years and increasing taxes by 20 billion Euros. (ANI)

More from Sify: