France might not be
broke, but the state of its public finances is, well, definitely not good. Total debt
stands at €3.2tn – 112% of GDP. Interest payments on that debt are the
second largest public expenditure after education (which includes everything from
crêche, or preschool, to universities) and are higher than the amount spent on defence. And this year’s budget deficit is projected
to be 6%, three points above the
EU’s 3% limit.
