2 January 2026 07:26

From deficit to deadlock: why France is borrowing €310bn without a budget


France’s treasury plans to borrow a record €310 billion on the markets in 2026 – even though it is set to start the year without a fully voted state budget. The move underscores how unprecedented debt and persistent deficits are colliding with a fragmented parliament and a president already focused on the high‑stakes 2027 election.​

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