See: https://www.insee.fr/en/statistiques/8599494
At the end of the first quarter 2025, the Maastricht debt accounted for €3,345.4 billion ; it increased by €40.2 billion, after +€3.8 billion in the previous quarter. Expressed as percentage of Gross Domestic Product (GDP), it stood at 113.9 %, after 113.2 % in Q4 2024.
What is a Maastricht debt? Anyways it increased 0.7% of GDP for the quarter. That actually doesn't sound too bad, that's only 3% per year. If they could just cut the budget a little it would help a lot.
But wait ... Prime Minister François Bayrou wants to cut the budget by only €40 billion (not €400 billion), and now all the French workers are threatening to strike because he wants to cut two holidays.
Now Le Pen is threatening to topple his government over this.
French far-right leader Marine Le Pen on Tuesday vowed to bring down the government unless Prime Minister François Bayrou rows back on an aggressive budget that proposes scrapping two major public holidays. If Le Pen presses ahead, President Emmanuel Macron risks losing yet another prime minister in the fall in a political impasse that is making France look increasingly ungovernable. "This government prefers to attack the French people, workers and pensioners, rather than hunt waste," Le Pen said on X as Bayrou presented a €43.8 billion budget squeeze aimed at reducing France’s €3.3 trillion public debt and combating a stubbornly high deficit.
France is in much worse shape than the US and is in a no-win situation. I don't know much about France but I think they should leave the Eurozone and re-introduce the French Franc. This would allow them to use the Magical Money Tree and then spend to their socialist heart's content and maybe even introduce new holidays to try to make all the workers happy. But you can't use MMT if you use a foreign currency, the euro, which is controlled by Germany.
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