The yield on the 10-year French government bond reached 5% on 21 October, a level the French state had not paid on its debt since July 2002, compared with 4.93% the previous day. The rise comes as the vote on the 2027 budget has been postponed without a new date and ahead of Moody’s decision on France’s Aa3 rating, which has been under negative outlook for a year. France’s Treasury Agency will need to raise 340 billion euros in 2027, while the sovereign debt stands at 3.595 trillion euros and interest payments already planned for 2026 total 59.3 billion euros. Bitcoin rose 2.8% to 74,500 euros, but the article says capital fleeing French bonds is moving to German bonds and the dollar rather than to the cryptocurrency. The 2027 budget also provides for a 31.4% tax on conversions from cryptocurrencies to stablecoins from 1 January, further limiting bitcoin’s role as a safe haven.
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