French Premier confesses debt will devastate next generation

(MENAFN) French Prime Minister François Bayrou has warned that the country's growing national debt will severely burden younger generations, who he says will be repaying it for the rest of their lives. He blamed the persistent borrowing on the interests of baby boomers and certain political groups.

Speaking on French television network TF1, Bayrou criticized the current financial approach, arguing that young people are being misled into believing more borrowing is necessary. He also revealed that he has asked President Emmanuel Macron to reconvene parliament by September 8 for a confidence vote on his controversial €43.8 billion ($50.9 billion) austerity package.

France’s budget deficit reached 5.8% of GDP in 2024, well above the EU’s 3% cap. To address the situation, Bayrou has proposed harsh measures including the elimination of public holidays, cuts to public sector jobs, and reductions in welfare and pensions. These plans have drawn strong criticism from left-wing parties, who accuse the government of slashing social programs while increasing military spending.

President Macron has pledged to raise France’s defense budget to €64 billion by 2027, citing increasing global threats, particularly from Russia — a claim Moscow has dismissed.

Despite public concern about the rising debt, Bayrou's austerity plan has been met with widespread opposition. According to a recent Elabe poll, 76% of French citizens believe the proposed budget won’t be effective, and 82% consider it socially unjust. A majority — 81% — want a new prime minister, and 67% think Macron should step down. Nearly three-quarters of respondents hope Bayrou loses the upcoming no-confidence vote, which would be his ninth.

MENAFN02092025000070015687ID1110005270