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CRIME

France’s ex-president Sarkozy charged in witness tampering probe

Former French president Nicolas Sarkozy has been charged as part of an investigation into possible witness tampering

Published: 6 October 2023 16:02 CEST
France's ex-president Sarkozy charged in witness tampering probe
Former French President Nicolas Sarkozy. (Photo by Christophe ARCHAMBAULT / AFP)

The latest charge adds to his list of legal woes, including over illegal campaign financing.

Following 30 hours of questioning over nearly four days, investigating magistrates decided they had grounds to charge Sarkozy with benefitting from witness tampering and conspiring to pervert the course of justice, a judiciary source told AFP.

The case against Sarkozy, still an influential figure in French conservative politics, is linked to allegations that he took money from late Libyan dictator Moamer Kadhafi to fund one of his election campaigns, for which he is to stand trial in 2025.

A key witness in that case, Franco-Lebanese businessman Ziad Takieddine, had claimed he delivered three suitcases stuffed with a total of €5 million in cash in 2006 and 2007.

But in 2020 Takieddine suddenly retracted his incriminating statement, raising suspicions that Sarkozy may have put pressure on the witness to change his mind.

The 68-year-old has already been convicted twice for corruption and influence peddling in separate cases involving attempts to influence a judge and campaign financing.

Sarkozy, who was President of France from 2007 to 2012, has appealed against both judgements.

On Friday, his lawyers said in a statement sent to AFP that their client would “defend his honour” in the latest case, too.

At least nine other people are under suspicion of participating in the alleged conspiracy, which investigators said may have involved payment to Takieddine.

Some of the suspects are also believed to have attempted to bribe a Lebanese judge to obtain the release of Kadhafi’s son held in Lebanon – in the hope of getting the Libyan leader to help Sarkozy persuade the French judiciary of his innocence.

In a transcript of Sarkozy’s statements during questioning, seen by AFP, the former president said there was “no material evidence or any  wiretap to incriminate me in this craziness”.

Should the case go to trial, it will be the third looming court date for Sarkozy.

In addition the 2025 Libyan financing trial, which relates to Sarkozy’s 2007 election campaign, he is scheduled to stand trial next month for alleged violation of campaign financing rules in his 2012 bid for re-election, which he lost to Socialist Francois Hollande.

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ECONOMY

S&P downgrades French credit rating in blow to Macron

Ratings agency Standard & Poor's downgraded France's credit score on Friday citing a deterioration in the country's budgetary position, a blow to Emmanuel Macron's government days before EU parliamentary elections.

Published: 1 June 2024 15:44 CEST
S&P downgrades French credit rating in blow to Macron

In a statement, the American credit assessor justified its decision to drop France’s long-term sovereign debt rating from “AA” to “AA-” on concerns over lower-than-expected growth.

It warned that “political fragmentation” would make it difficult for the government to implement planned reforms to balance public finances and forecast the budget deficit would remain above the targeted three percent of GDP in 2027.

The S&P’s first downgrade of France since 2013 puts the EU’s second-largest economy on par with the Czech Republic and Estonia but above Spain and Italy.

The announcement will sting for Macron, who has staked a reputation as an economic reformer capable of restoring France’s accounts after low growth and high spending.

The risk of a ratings downgrade had been looming for several quarters, with the previous “AA” assessment given a “negative outlook”.

The surprise slippage in the public deficit for 2023 to 5.5 percent of Gross Domestic Product (GDP) instead of the expected 4.9 percent did not play in the government’s favour.

France’s general government debt will increase to about 112 percent of GDP by 2027, up from around 109 percent in 2023, “contrary to our previous expectations”, the agency added.

Responding to the downgrade decision, Economy Minister Bruno Le Maire reaffirmed the government’s commitment to slashing the public deficit to below three percent by 2027.

“Our strategy remains the same: reindustrialise, achieve full employment and keep to our trajectory to get back under the three percent deficit in 2027,” he said in an interview with newspaper Le Parisien, insisting that nothing would change in the daily lives of the French.

Le Maire claimed the downgrade was primarily driven by the government’s abundant spending during the Covid pandemic to provide a lifeline to businesses and French households.

The main reason for the downgrade was because “we saved the French economy,” he said.

Government critics offered a different rationale.

“This is where the pitiful management of public finances by the Macron/Le Maire duo gets us!” Eric Ciotti, head of the right-wing Republicans party, wrote on social media platform X.

Far-right leader Marine Le Pen called the Macron administration’s handling of public finances “catastrophic” and denounced the government as being “as incompetent as they are arrogant”.

A credit downgrade risks putting off investors and making it more difficult to pay off debt.

Earlier this year, influential ratings agencies Moody’s and Fitch spared handing France a lower note.

S&P also maintained its “stable” outlook for France on Friday on “expectations that real economic growth will accelerate and support the government’s budgetary consolidation”, albeit not enough to bring down its high debt-to-GDP ratio.

“S&P’s downgrading of France’s debt simply reflects an imperative that we are already aware of: the need to continue restoring our public finances,” Public Accounts Minister Thomas Cazenave wrote in a statement sent to AFP.

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