“The mad train of French debt”

Even the most jaded, those who thought they had seen it all, fall out of their chairs. The accelerated deterioration of public accounts resembles a runaway train rushing France into unknown territory. What have we learned in the last three days? That, far from being reduced as promised, the deficit is spiraling to dizzying proportions (6.2% of GDP, twice the European norm). That the debt explodes, to 3,230 billion euros, and becomes out of control (112% of GDP, also twice the European norm).

That France, which will have to borrow a record 300 billion euros next year, inspires less and less confidence in its lenders. They now demand from it an interest superior to that of Greece and Portugal, these pillars of “Club Med” which we recently looked at with condescension. At this rate, the payment of debt service alone will become the first budgetary item, ahead of defense or education. In a word, as would say…