French PM Warns: Debt Soars By €5,000 A Second

By Staff, Agencies

French Prime Minister Francois Bayrou is urging the public to back his drastic public spending cuts, warning that the country’s debt is growing by €5,000 [$5,784] every second.

The €43.8 billion [$50.9 billion] deficit-cutting program unveiled last month targets a budget gap that hit 5.8% of GDP last year – nearly double the EU’s 3% limit.

Bayrou has sounded the alarm, stressing that the debt load is a “mortal danger,” while insisting tough measures are now unavoidable.

In a YouTube video posted on Tuesday, he sought to convince the public that the planned budget squeeze was essential to prevent a full-blown fiscal crisis.

“Our debt stands at €3.4 trillion – a figure so vast it’s hard to imagine,” he stated, warning that interest payments alone could reach €100 billion annually by 2029 if no action is taken.

The proposals include scrapping two public holidays to boost productivity, cutting public sector jobs, and freezing welfare payments and pensions, which are typically indexed to inflation.

The plan has faced criticism, with left-wing parties accusing the government of prioritizing military over social welfare. Melenchon called for Bayrou’s resignation, condemning the injustices.

France's military budget will reach €64 billion by 2027, double the 2017 level. Macron plans an extra €6.5 billion, citing rising threats.

A defense review warns of a potential "major war" by 2030, with Moscow listed as a top threat. The Kremlin denies plans to attack, blaming NATO's militarization.

Bayrou, facing rejection from the National Rally and needing parliamentary support for his budget plan, has seen his trust rating plummet to 12%, the lowest since becoming PM, according to a July 31 Elabe poll.