France anticipates record debt: Twice the level agreed within EU

France is facing a record-high national debt, projected to reach 119.3 percent of its gross domestic product this year, with expectations to climb further to 121.7 percent in the coming year. This level represents the highest debt burden recorded since national data collection began in 1995, placing the nation under European Union supervision for budget violations. The country’s fiscal deficit is expected to reach 5.4 percent this year, remaining significantly above the EU's 3 percent threshold. These figures reflect a debt burden roughly double the limit agreed upon by EU member states, trailing only Greece and Italy in total debt across the union.

In response to the economic situation, Prime Minister Sébastien Lecornu has proposed 54 billion euros in austerity measures. However, implementing these cuts remains challenging as politically sensitive topics, including potential pension reforms, are left for parliament to decide. Opposition parties appear reluctant to support these measures due to the approaching national elections, complicating the government's ability to address its fiscal challenges.