France calls emergency finance alert meeting amid soaring debt

France's Minister of Public Accounts David Amiel announced that a public finance alert committee will meet on 7 July to assess the government's fiscal situation. The move follows a Court of Auditors report that flagged all financial indicators as red, noting that public debt reached a record 117.5 % of GDP in March and that the debt service charge now stands at €78 billion.

Amiel said the meeting will review the first half‑year of the budget and is expected to announce further spending cuts to offset costs from the war in the Middle East and a severe June heatwave. He referenced earlier savings of €6 billion announced in April and indicated that additional cuts of a similar magnitude may be needed to balance the 2026 budget and prepare the 2027 budget. The minister ruled out negotiations with the far‑right National Rally or the far‑left France Insoumise, pledging to work with centrist and mainstream parties instead.

The emergency committee underscores the pressure on France’s public finances, which already face one of the highest deficits in Europe and a debt load that exceeds that of any other euro‑area country since the COVID‑19 crisis.