France to Remove 2 High Holy Days after Country Loses Money

Liputan6.com, Jakarta The French government is considering eliminating two public holidays as part of an effort to curb its ballooning budget deficit.

The two holidays to be eliminated are Easter Monday and May 8, also known as Victory Day in Europe, commemorating the defeat of Nazi Germany at the end of World War II.

According to the government, the two holidays are considered to have lost religious and historical meaning in the eyes of the public, as reported by CNBC, Wednesday (July 16).

The government believes that these holidays have disrupted productivity and thus impacted the economy.

"These holidays fall in a month full of long weekends. Their elimination is expected to increase economic activity in the business sector, shops, and public services, thus helping to boost our productivity," said a government statement.

The elimination of the holiday is included in an austerity package worth 43.8 billion euros, which is targeted for completion by 2026.

French Prime Minister Francois Bayrou announced the plan on Tuesday (July 15) local time.

The government aims to reduce the budget deficit from 5.4 percent this year to 4.6 percent in 2026.

Additionally, the French government plans to eliminate 3,000 civil service positions and restrict tax breaks for high-income earners.

Bayrou said that the rich will be subject to a special “solidarity contribution” scheme.

“Today we are experiencing a moment of truth, one of those moments in the nation's history where everyone must ask themselves: what role am I willing to play in our collective future?” Bayrou told a press conference on Tuesday night.

He emphasized that France's debt level has reached 114 percent of its gross domestic product (GDP), and every second, the country's debt increases by 5,000 euros.

“This is the last stop before the cliff,” he said.

Despite the government's efforts to reduce spending in almost all areas, the defense budget is expected to increase.

French President Emmanuel Macron announced plans the day before to increase the defense budget allocation by 3.5 billion euros in 2026 and an additional 3 billion euros in 2027.

Thus, the total security budget in 2027 will reach 64 billion euros, a figure that was already in place when Macron first took office in 2017.

However, this budget increase must still be approved by the French National Assembly.

Parliament is currently discussing the 2025 national budget, which has sparked heated debate in recent months, leading to the collapse of the previous government at the end of last year.