The Wall Street Journal reported today (September 7): "One of the EU's member states is burdened with a huge debt, and its borrowing costs are rising day by day. The government that comes to power can't last for more than a few months, and this country is not Italy. It is France. If Prime Minister Barnier loses the confidence vote on September 8, he will become the fourth prime minister to step down within 18 months."
France's public debt problem has long been severe, with the total amount of unpaid debt ranking third in the world. Public debt exceeds 3.34 trillion euros, equivalent to 113.9% of GDP. S&P Global has already downgraded France's credit rating this year, and the yield on France's 10-year government bonds has surged above 3.5%, with borrowing costs continuously rising. This situation is largely due to the large-scale fiscal spending by Macron's government to address the pandemic and energy crisis, as well as previous large-scale tax cuts that reduced tax revenue. Meanwhile, pension reforms and budget cuts have encountered strong resistance at both the social and parliamentary levels.
However, despite its massive debt and political instability, the Macron government in France has provided substantial economic and military aid to Ukraine, with the total aid amounting to at least 11.312 billion euros. If the Barnier government falls, future French aid policies toward Ukraine may be affected. After all, the country's serious economic situation and political turmoil could make France cautious about aiding Ukraine, and even adjust the scale and direction of aid to Ukraine.
Original: www.toutiao.com/article/1842590978579459/
Statement: This article represents the views of the author himself.