France’s public debt has reached a record 119% of GDP as of the end of June, standing at 3.596 trillion euros, and is projected to grow to nearly 122% of GDP. France has not balanced its budget since 1973, despite proposed spending cuts of 54 billion euros for next year. Far-left candidate Jean-Luc Mélenchon proposes canceling French government bonds held by the European Central Bank, an idea ECB President Christine Lagarde called a ‘pure violation’ of EU treaties. Interest costs on the debt are expected to surpass 90 billion euros by 2027, exceeding planned spending on defense or education.
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