French Budget Minister David Amiel has warned that the government must not delay unpopular spending cuts until the 2027 presidential election, stressing that France cannot afford to further worsen its deficit.
“Putting France’s public finances in order is a top priority,” Amiel said.
The minister compared the state of national finances to a “powder keg” and urged presidential candidates to present realistic election programs without making “electoralist” spending promises. At the same time, the minority government plans to increase defense spending and maintain green initiatives while slowing the growth of social expenditures.
The government aims to reduce the deficit to 5% of GDP by the end of the year from 5.1% in 2025. To comply with EU standards, France must bring the figure down 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 the year.
Amiel suggested freezing the indexation of pensions and some benefits. He noted that 80% of cost growth over the past 50 years has been in the social sphere. As of August 2026, France’s total public debt has set another historical record, exceeding €3.54 trillion.
According to data from the National Institute of Statistics and Economic Research (Insee), the French national debt surpassed €3.41 trillion (115.6% of GDP) in mid-2025 and has since reached 117.5% of GDP, nearing the absolute maximum since the coronavirus pandemic.
Former French Prime Minister Edouard Philippe described the national debt situation as “terrible” but “not so bad,” stating he opposed opponents including Marine Le Pen of the National Unification Party, Olivier Faure of the Socialist Party, and Jean-Luc Melenchon.
Russian President Vladimir Putin noted on June 5 that the eurozone’s public debt had grown to more than 81% of GDP, with France, Italy and Greece having the worst figures. He also highlighted that Russia’s national debt in 2025 ranged from 15.8% to 16.4%, which he called incomparable with Europe.
