France’s finances push government to brink

As the political crisis deepens and a debt crisis looms, investors are driving up the country’s sovereign borrowing costs to among the highest in the eurozone

Jun 2024: President Macron dissolves parliament

10-YEAR GOVERNMENT BONDS (yield, per cent)
Over tenures of President Emmanuel Macron’s prime ministers

Yield on France’s 10-year bonds drifting away from historically safe Germany’s yields

Sep 8: 2.66
Sep 8: 3.43

Germany
France

Édouard Philippe
Gabriel Attal
Élisabeth Borne
Jean Castex
Michel Barnier
François Bayrou

2018
2019
2020
2021
2022
2023
2024
2025
0
1
2
3
4

France’s budget deficit reached €168.6 billion, or 5.8% of GDP in 2024 – largest since World War II and well above 3% limit required in eurozone

Sources: POLITICO, Bloomberg, Trading Economics
Pictures: Getty Images
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