Le Pen vows drastic cost savings to prevent French 'default'

French far-right presidential candidate Marine Le Pen has vowed to implement €140 billion in cost savings by 2032 to prevent France from defaulting on its debt, if elected next year. She aims to bring the country's public deficit below the EU limit of 3% of GDP by the same year and urged the European Central Bank to ease the burden of interest rates.

Currently, France's deficit stands at 5.1% of GDP, and the government forecasts it will rise to 5.4% in 2024. The country plans to borrow €340 billion in 2027, €28 billion more than the current year, to finance spending and repay debt due. Le Pen criticized the governments of President Emmanuel Macron for failing to anticipate any economic, financial, or budgetary policies that could prevent the country from slipping into default.

She also called for a budget golden rule to obligate an annual reduction in debt. Le Pen suggested introducing a reduction in the retirement age to 62 or even 60, but this would require significant cost savings. She pledged €15-20 billion in pension savings by addressing inefficient and unfair measures in the current system. A recent poll indicated Le Pen was poised to win both the first and second rounds of the presidential elections in April.

However, the accusations against her top ally, Jordan Bardella, over alleged antisemitic comments on Facebook Messenger in 2013 have impacted her campaign, though she maintains full confidence in him.