Holger Zschaepitz(@Schuldensuehner):#France is paying the price of fiscal disbelief. Its 10y bond spread over Germany has topped 100bps for the 1st time since 2012. Yields hover around 4.5%, near an 18y high. This year’s deficit is now forecast at 5.4% of GDP, missing the 5% target. Paris still promises 3% by 2029. Bond markets want more than promises.

Holger Zschaepitz

@Schuldensuehner

Holger Zschäpitz is market maniac @Welt and Author of 'Schulden ohne Sühne?' a book on states' addiction to debt. Pics:

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Holger Zschaepitz@Schuldensuehner

2026.09.18 11:21

#France# is paying the price of fiscal disbelief. Its 10y bond spread over Germany has topped 100bps for the 1st time since 2012. Yields hover around 4.5%, near an 18y high. This year’s deficit is now forecast at 5.4% of GDP, missing the 5% target. Paris still promises 3% by 2029. Bond markets want more than promises.