French Premier declares country’s debt increasing by USD5,000 per second
(MENAFN) French Prime Minister Francois Bayrou is urging public support for sweeping austerity measures, warning that the national debt is increasing at a rate of €5,000 ($5,784) per second. The warning comes alongside a €43.8 billion ($50.9 billion) deficit reduction plan unveiled last month, aimed at addressing a budget deficit that reached 5.8% of GDP last year—nearly double the EU’s 3% cap.
In a video posted to YouTube on Tuesday, Bayrou emphasized the urgency of the situation, describing the debt as a “mortal danger.” He warned that without immediate action, France could face interest payments reaching €100 billion annually by 2029, with the total debt already standing at €3.4 trillion.
The proposed measures include eliminating two public holidays to increase productivity, reducing public sector jobs, and freezing inflation-linked welfare benefits and pensions. The proposals have provoked backlash from opposition parties, especially on the left. Jean-Luc Mélenchon, leader of La France Insoumise, condemned the cuts and called for Bayrou to resign, accusing the government of favoring military spending over social programs.
France’s defense budget is set to rise to €64 billion by 2027—double what it was in 2017. President Emmanuel Macron has committed an additional €6.5 billion over the next two years, citing increased threats to European security. A recent defense report listed Russia as a potential threat, though Moscow has denied any plans to attack the West, accusing NATO of using it as justification for military buildup.
Bayrou, who has already survived eight no-confidence votes, must now secure parliamentary approval before presenting the budget in October. The right-wing National Rally party has rejected his proposal and is pushing for another confidence vote.
A recent poll by Elabe, released on July 31, shows public trust in Bayrou has dropped to just 12%—the lowest since he took office in December.
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