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France's debt is heading toward a record high, expected to reach 119.3% of GDP in 2026 and rise to 121.7% in 2027. The fiscal deficit will continue to grow, reaching 5.4% of GDP in 2026 and 4.9% in 2027. The government is struggling to cut the deficit down to the targeted 3% by 2029. It is preparing austerity measures worth 54 billion euros for the 2027 budget, while pressure on the bond market is increasing due to rising borrowing costs. The yield spread on French bonds compared to German bonds has exceeded one percentage point for the first time since the euro crisis.
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