French PM says French debt is significantly increasing by second
(MENAFN) French Prime Minister Francois Bayrou is appealing to citizens to support significant reductions in public spending, warning that the nation’s debt is increasing at a staggering rate of €5,000 ($5,784) per second.
The government’s recently revealed €43.8 billion ($50.9 billion) deficit-reduction plan aims to address a budget shortfall that reached 5.8% of GDP last year—almost double the European Union’s 3% limit. Bayrou has raised alarms about the growing debt, calling it a “mortal danger” and emphasizing the urgent need for tough fiscal measures.
In a video message shared on YouTube Tuesday, he urged the public to understand that the budget tightening is crucial to avoid a severe financial crisis.
“Our debt stands at €3.4 trillion – a figure so vast it’s hard to imagine,” he said, warning that interest payments alone could reach $108 billion USD annually by 2029 if no corrective steps are taken.
The proposed measures include eliminating two public holidays to enhance productivity, reducing public sector employment, and freezing welfare benefits and pensions that are usually adjusted for inflation. These plans have met strong opposition, with left-wing parties accusing the government of favoring military expenditure over social support. Jean-Luc Melenchon, leader of La France Insoumise, demanded Bayrou’s resignation, declaring that “these injustices cannot be tolerated any longer.”
Meanwhile, France’s defense budget is projected to increase to $69 billion USD by 2027, doubling since 2017. President Emmanuel Macron has committed an additional $7 billion USD over the coming two years, citing escalating threats to European security. A recent defense assessment warned that a “major war” might erupt by 2030, identifying Moscow as a key threat. The Kremlin has denied any plans to attack the West, accusing NATO of using Russia as justification for military buildup.
Bayrou, who has survived eight no-confidence votes, must secure parliamentary approval for his proposals ahead of the budget presentation in October. The right-wing National Rally party opposes the plan and has called for another vote of confidence in the government.
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