French Prime Minister François Bayrou has issued a stark warning about the urgency of curbing the nation’s spiraling debt, which he described as a “mortal danger” to the country’s economic stability. In a bid to avoid what he termed a fiscal crisis, Bayrou is rallying public support for an austerity package designed to slash €43.8 billion ($50.9 billion) in public spending, targeting a budget deficit that reached 5.8% of GDP last year—nearly double the European Union’s 3% threshold. Speaking in a YouTube address, he emphasized that France’s debt, now at €3.4 trillion, is growing by €5,000 ($5,784) per second, with annual interest payments projected to surge to €100 billion by 2029 without intervention.
The proposed measures include eliminating two public holidays to bolster productivity, trimming public sector employment, and freezing inflation-linked adjustments for welfare benefits and pensions. These steps have drawn sharp criticism from left-wing factions, who accuse the government of favoring military expenditure over social protections. Jean-Luc Mélenchon, leader of the La France Insoumise party, denounced the plan as unjust and demanded Bayrou’s resignation, declaring, “These injustices cannot be tolerated any longer.”
Amid the backlash, President Emmanuel Macron’s administration continues to prioritize defense spending, with France’s military budget set to double to €64 billion by 2027 compared to 2017 levels. An additional €6.5 billion injection over the next two years was justified by Macron as necessary to counter escalating security threats in Europe. A recent defense assessment warned of potential “major war” risks by 2030, naming Russia as a primary concern. The Kremlin dismissed the claims, calling them a pretext for NATO’s militarization efforts.
Bayrou, who has weathered eight parliamentary no-confidence votes since assuming office in December, now faces a critical challenge in securing legislative approval for his austerity agenda before October’s budget submission. The right-wing National Rally party has rejected the plan outright, pushing for another confidence vote. Public discontent appears to be mounting, with an Elabe poll revealing only 12% of citizens trust the prime minister—a record low for his tenure.
The debate over fiscal priorities underscores broader tensions between economic stabilization and social equity, as policymakers grapple with balancing debt reduction against public welfare. With France’s credibility in European financial markets at stake, the outcome of Bayrou’s austerity push could shape the nation’s economic trajectory for years to come.
