{
  "id": 11235164,
  "title": "‘We cannot sweep the dust under the carpet’: French national debt is projected to grow to 122% of its GDP, prompting ideas to cancel government bonds",
  "url": "https://urgent.news/2026/10/01/we-cannot-sweep-the-dust-under-the-carpet-french-national-debt-is",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-01T15:57:51.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/01/french-national-debt-122-gdp-cancel-government-bonds/"
  },
  "original_language": "en",
  "account": "France's public debt has reached a record high, growing to 122% of its GDP according to projections, raising concerns among investors ahead of the upcoming presidential election. President Emmanuel Macron has been grappling with deep social tensions, and the candidates seeking to replace him are under pressure to address the issue. The country's debt stands at 119% of its GDP, and despite proposed spending cuts worth 54 billion euros, France is unlikely to balance its annual budget next year, which will again exceed EU limits. Budget Minister David Amiel emphasized that the cuts were necessary and faced a tough battle in parliament. One proposal to tackle the debt has gained traction: canceling government bonds held by the European Central Bank (ECB) by Jean-Luc Melenchon, the radical-left candidate. Melenchon argues that this would free up funds for investment, but others, including Marine Le Pen and ECB President Christine Lagarde, question its feasibility. Lagarde warned that Melenchon's proposal would be a \"pure violation\" of EU treaty rules, which prohibit central banks from financing national governments.",
  "summary": "Budget minister David Amiel argued that the spending cuts were essential, ahead of what is sure to be a bruising battle to get them through parliament.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}