French economy unexpectedly shrank last quarter

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France’s economy unexpectedly contracted in the third quarter, adding to a pile of worries over the European power’s fortunes in the run-up to divisive presidential elections. The latest figures come with investors already concerned over rising debt levels, a yawning budget deficit, and mounting public frustration over service provision; recent polls suggest the far right and far left are in the lead ahead of April elections.
The myriad issues have raised fears of contagion across the EU, and offer lessons for Washington, too: US federal debt recently crossed the symbolic threshold of 100% of GDP, with little sign of a slowdown in borrowing. “America is getting a peek at its debt future, and it’s scary,” one Bloomberg columnist warned.

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