France is facing financial difficulties and is considering spending cuts of more than €20 billion for next year due to a skyrocketing deficit. The country’s opposition politicians are pressuring the government to take action, drawing parallels to the Greek debt crisis. Italy is also feeling the heat as its pandemic-era subsidies are straining the budget, leading to concerns about rising debt levels. The International Monetary Fund has raised alarms about the situation, with former Italian Prime Minister Mario Monti expressing concerns about the lack of awareness and determination to address the debt problem. Both countries are preparing for tough times ahead as they seek to stabilize their finances and avoid economic turmoil. In Germany, Angela Merkel hailed the “Swabian housewife” as a model of frugality, and it seems that this spirit may be making a comeback as countries across Europe grapple with financial difficulties.
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