France , like the United States, faces a mounting debt crisis. Public debt outstanding is now around 114% of France’s GDP . In the United States the ratio is about 100%. Curiously, sovereign borrowing costs for France are substantially lower than interest payments for the U.S.

France is a member of the European Union , the EU. The rules of the EU state that France’s debt to GDP ratio should be below 60% of GDP. Moreover, the fiscal deficit in any one year is not to exceed 3% of GDP. This year, France’s fiscal deficit will be around 5.8% of GDP. France is in clear violation of EU rules.

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