UBS CEO Sergio Ermotti has said “hard measures” will be needed to resolve France’s debt crisis, comparing the current situation to the eurozone sovereign debt crisis of 2011. French 10-year bond yields have climbed to 4.7689%, now outpacing those of Greece and Italy. Marine Le Pen has committed to substantial spending reductions to control debt, while the spread between French OATs and German Bunds has exceeded 140 basis points. Analysts at Federated Hermes note that France is increasingly being viewed as a peripheral rather than core European economy.
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