French national debt and interest costs, Digi Mart USA News (France): A Tribune Juive opinion article argues that the French state is ultimately funded by taxpayers, not by an independent public treasury. The author recalls a 2014 exchange on TF1 in which journalist Gilles Bouleau put the cost of 150,000 emplois d’avenir at three billion euros, and then-President François Hollande replied, “Yes, but it is the state that pays.”
The article traces a series of public debate moments on government spending, including the 2020 pledge “whatever it costs” and the 235 billion euros spent afterward. It notes that Pierre Moscovici, then head of the Cour des comptes, said the emergency measures had not been wound down.
The author cites economists and commentators who argued debt was less burdensome than commonly assumed, and states that 57.5 percent of French state debt was held by non-residents at the time of a 2012 comparison. The piece argues such theories often underweight the cost borne by taxpayers, whoever holds the debt.
According to the article, the 10-year French government bond (OAT) reached 5.07 percent on October 21, a level not seen since 2002, and France now pays higher rates than Italy. Public debt stands at 3,595.5 billion euros, equal to 119 percent of GDP, the deficit is 5.1 percent, and debt interest reached 77.4 billion euros, which could rise to 100 billion euros by 2029.
The author compares this with 65 billion euros allocated to the national education ministry, citing Paul Germon’s book “La France administrée.”
The article concludes that rising interest costs must be financed through taxes, reduced public services or new borrowing. It also criticizes former officials Hollande and Dominique de Villepin for considering returning to electoral politics.
The author writes that interest on the debt now costs about three billion euros every two weeks.
