France, May 24 -- The French government says it will cancel three billion euros worth of social security contributions for businesses affected by the Covid-19 crisis, notably in the restaurant, tourism, culture and sport sectors.

Gerald Darmanin, deputy minister for public finances told RTL radio station on Sunday that "without a doubt", the country's debt would rise to over 115 percent of gross domestic product (GDP) by the end of the year, a direct result of the government stepping in to prop up the economy.

Since the lockdown to curb the spread of Covid-19 began on 17 March in France, most companies and shops have had to close temporarily, many resorting to what is known as "technical unemployment" whereby the government steps in and...