Macron Scraps Budget With $384 Billion Virus Response (Correct)

France is tearing up its budget program and plans huge spending as the coronavirus outbreak sends the economy into a deep slump.

Finance Minister Bruno Le Maire will present an emergency budget on Wednesday that will include 45 billion euros ($50 billion) of spending plus 300 billion euros of loan guarantees. France’s debt will rise above 100% of economic output.

The action is based on the economy shrinking 1% this year. But even that is only a provisional figure that could be much worse depending on how the epidemic evolves in the coming weeks and how the hard the U.S. ...