France faces ‘gradual suffocation’ by debt, BdF governor says
Villeroy de Galhau finds notion of being under IMF tutelage 'insulting'
François Villeroy de Galhau has said France is not threatened by bankruptcy but by “gradual suffocation” from its high levels of public debt.
The Banque de France (BdF) governor told La Croix on October 27 that the country “absolutely” had to reduce its budget deficit from 5.4% in 2025 to 3% in 2029. He said France’s looming debts and inability to rein in spending had resulted in high interest payments, which could otherwise be going towards financing the climate transition or increasing defence
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