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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology French public debt hits record AFP - Thursday, December 31 Send IM Story Print Workers install a high-speed rail track in Les Magny, eastern France in June. France's public debt soared to a record 75.8 percent of output in the third quarter, official figures showed, a week after Paris got a warning on its credit standing. PARIS (AFP) - – France's public debt soared to a record 75.8 percent of output in the third quarter, official figures showed Wednesday, a week after Paris got a warning on its credit standing. The new debt figure from the statistics institute INSEE followed a stern message from Fitch Ratings that the government had to take tougher measures to rein in state spending if it wanted to preserve its top grade credit rating. France is hardly alone among European Union countries that have run up big debts, after having spent heavily to combat a crippling recession in 2008 and 2009, and now face pressure on their sovereign ratings. Greece has suffered sovereign downgrades this month from Fitch and two other agencies, Moody's and Standard & Poor's. Fitch in November downgraded Ireland while Standard & Poor's took similar action against Spain in January. Fitch last week said all major governments with top ratings had to tame debt, targeting specifically Britain, Spain and France. "UK, Spain and France in particular must articulate more credible fiscal consolidation programmes over the coming year given the pace of fiscal deterioration and the budgetary challenges they face," the agency said. "Failure to do so will greatly intensify pressure on their sovereign ratings," it added. France's third quarter debt-to-GDP ratio was up by 1.9 points from the second quarter to 75.8 percent, well in excess of the 60 percent stipulated in the Maastricht Treaty that established the financial basis of the eurozone. The French government has predicted that the ratio will reach 77.9 percent by the end of 2009 and 84 percent in 2010. The debt in the July to September period rose 29.4 billion euros from the second quarter to a record 1.457 trillion euros (2.1 trillion dollars). INSEE said the debt surge in the third quarter was mainly used to finance the state budget deficit. President Nicolas Sarkozy has called for a national conference next month on measures to curb both the debt and the annual deficit in public finances to enable France to respect its commitments to eurozone regulations. The public deficit is also heading for record levels, an expected 8.2 percent of gross domestic product this year and 8.5 percent in 2010. The European Union's executive commission has told France to reduce the shortfall to 3.0 percent to conform to eurozone regulations by 2013. The French government initially described such a deadline as unrealistic but has now agreed to comply. But it maintains that it can only respect the 2013 deadline if it can return to robust growth in 2011, notably as tax hikes have been ruled out. INSEE reported on Tuesday that the French economy grew 0.3 percent in the third quarter after having emerged from recession in the second. Overall 2009 output is predicted to contract by 2.25 percent. Prime Minister Francois Fillon has said the economy could grow 1.5 percent in 2010, although the budget bill his administration sent to parliament was based on an estimate of only 0.75 percent. 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