OPINION. “Why does France have so much difficulty reducing its debt?” »»

France does not seem able to reduce its debt. However, she once succeeded. Meanwhile, Others – Portugal, Italy, Greece, Spain -, achieve it today. For example, But France is like paralyzed, reduced to calls for effort. Nevertheless, The commitments of rectification trajectories of public finances are declamed in indifference. Moreover, All projections turned out to be deciduous as soon as published. However, The Court of Auditors had final sentences in examining the situation in early 2025. Furthermore, “The unprecedented drift in public finances has accentuated». Similarly, Why so many difficulties?

Economic history teaches that there are several levers to lower debt. However, Act on the stock, on the context, on the flow. Consequently, All have been used, but very few are relevant today.

The most direct lever is to act on the stock, that is to say on the amount.

Repay the debt by selling his assets. In addition, Selling the goods of the clergy and emigrants during the revolution, privatizing large national companies or infrastructure today. Nevertheless, This is the solution which spontaneously comes to mind. Similarly, which came to the experts of the IMF, the European Central Bank (ECB) and the European Union imposing privatizations to Greece in 2008. Meanwhile, For a more than disappointing result. Furthermore, Privatizing a port. Therefore, an airport, still passes, privatizing the distribution of water for the benefit of a foreign group only causes demonstrations. Consequently, And then, privatizations report very little. In addition, You never sell well when you have to sell. In addition, France has privatized dozens of companies since 1986. Moreover, It has almost nothing to sell.

Cancel the debt. Therefore, The bankruptcy was once the act of authority of the sovereign who opinion. “why does france have did not hesitate (a dozen bankruptcy under. Meanwhile, the monarchy). Meanwhile, States bankruptcy still exists in Latin America. In addition, But it is no longer arbitrarily decided and must be negotiated. Furthermore, With our European partners? Similarly, Certainly ! Furthermore, And then the ECB said that she stopped debt buyouts.

Restructure debt. This is the Greek solution of 2008: creditors abandon part of their receivables either by erasing the debt either by lengthening its duration. by reducing rates. A solution that should not be underestimated in the form of a forced loan that would replace French citizens. for international lenders if they were missing. The compulsory loan was used in 1983 and then concerned taxpayers who paid more than 5,000 francs in income tax. The French have a quasi-savings (with an outstanding life insurance of 2000 billion euros). many even occupy apartments too big for them … A curious study opinion. “why does france have of INSEE which does not bode well (A quarter of households live in a very accentuated occupation accommodation INSEE First 2064. July 8, 2025). Any clientele found for a forced loan? From there to reach 3300 billion …

The most indirect lever is to act on the economic environment.

Reconnect with growth. It is obviously the virtuous lever. Growth means more tax revenues and the end of loans. An illusory perspective in France as in most EU countries as growth has long been loudly. Speeches have been talking about the return of growth for twenty years. Who will still believe in this kind of sleep? Growth forecasts in France, downward reviews, are among the worst EU (0.6 % announced in 2025) …

Accept inflation. It is the most discreet way to lower the debt. Inflation or the Euthanasia of the Réniers said Keynes. An insidious method, but very well practiced opinion. “why does france have after the wars. What do coupons and reimbursements weigh when prices have been multiplied by 10, 20, 50? 10, 20, 50 times less. In France. the return of inflation is unlikely less due to the control of the ECB, which has the mission of maintaining prices stability, than under the effect of international competition that weighs on prices. And then it is one of the rare reasons for satisfaction with globally lower inflation in France than in Europe. a small advantage compared to competitors whose prices are increasing. So, inflation to reduce debt? Forget.

There remains the intermediate lever: to act on the flow that maintains the debt. that is to say on the annual deficit.

Reduce the public deficit. the first fuel of the debt, and more specifically the primary deficit, that is to say outside the interests (largely imposed by the markets and incidentally by the rating agencies). opinion. “why does france have A lever itself divided into two means.

Improve public revenues. In France, there is no question of instituting new tax. The increase in VAT rates (the choice of Spain. Portugal) which offers a good budget yield (raise the normal rate of 20 to 21 % would represent 6.5 billion euros) is too conflictual. On the other hand. there are tracks to improve tax revenues without upsetting the legislation: reducing tax niches (the 474 devices cost 85 billion euros), eliminating the 10 % reduction in the highest pensions, expanding the plate of wealth tax, eliminating a public holiday, better fighting tax fraud, which affects all social and professional categories … is wide. But the reform can only succeed if each category has the impression that others also pay. Taxation is closely correlated with justice and equality, two French totems.

Reduce expense. This time, we arrive at the bone. No debt reduction opinion. “why does france have without frank cuts. Some examples: Gel (Spain). even reduction (Portugal, Ireland) of civil servants, pensions reduction (Greece), reduction in the number of public officials (Portugal), increase in working time (Ireland), abolition of the 13th month (Portugal), hardening of the conditions of early departure (Italy) … When some go to the chainsaw, France decides the platform or the nail lime. The hundreds of ideas circulating in all France cafes are unrelated to the financial issue (agencies. cars and bodyguards of ministers, etc.). The real tracks. the “structural” reforms, require a force literally as well as figuratively that in France, no government will be able to use without risk. State reform stopped in the abolition of ENA! A demagogue boastful (ENA removed like a head at the end of a spike,Slate May 2, 2019). The status of the public service should be reformed for part of the state agents. A status that opinion. “why does france have initiates state finances for 60 years (activity and pensions) has become absurd in a large number of cases. Recruiting a public agent whose treatment will automatically increase to seniority every two years (by change of index). almost automatically every five or seven years (by changing grade) to finish in apotheosis with old officials who are better paid under the pretext that they are old and that will count for their retirement? Not to mention that the yield is decreasing seriously in recent years. The army found the solution of short careers. But touching the status is obviously putting millions of public officials on the street. Who will dare to face the street?

The Pyrenean Prime Minister is attacked by the Himalayas. But he risks stopping at the first base camp of the budgetary debate. Faced with the priest who announces himself. the President of the Republic would leave his functions opinion. “why does france have before the end of his mandate. The following. whether it is that responsible for the temporary or the new elected official, can only be a president of sacrifice. In politics, it is rather rare. But the homeland would be grateful.