France Debt to Hit 119.3% of GDP in 2026, Highest Since 1978 on Soaring Deficit

France's public debt will reach 119.3% of GDP in 2026 and 121.7% in 2027, the highest level since 1978, the finance ministry said on September 20, 2026, as a persistent deficit drives borrowing beyond double the EU's 60% reference limit. The deficit hit 5.1% of GDP in 2025 and is forecast at 5.4% this year, well above the EU's 3% ceiling. France, the eurozone's third most indebted economy after Greece and Italy, has been under special EU monitoring for two years. Prime Minister Sebastian Lecornu has proposed €54 billion ($62 billion) in adjustments and cuts in the 2027 budget, leaving sensitive measures such as reduced pensioner tax breaks to parliament. The HCFP's Amelie de Montchalin said the crisis is "neither certain nor guaranteed" if action is swift.