France's treasury plans to borrow a record €310 billion on the markets in 2026 – even though it is set to start the year without a fully voted state budget. The move underscores how unprecedented debt and persistent deficits are colliding with a fragmented parliament and a president already focused on the high‑stakes 2027 election.
As a result of the parliament's failure to vote the 2026 budget, France's government was forced to invoke a special emergency budget law that rolls over the previous year’s budget to keep the state funded when a new finance bill has not been adopted.
