Bank of France Slams Melenchon's Debt Cancellation Plan as 'Illegal and Dangerous'

The Bank of France has expressed strong opposition to Jean-Luc Melenchon's proposal to cancel part of France's national debt. In an interview, Emmanuel Moulin, the chief of the Bank of France, called the plan 'illegal, dangerous, and useless'.

Melenchon, a far-left leader campaigning for the French presidency, advocates for canceling 18% of the country's debt, which he claims would free up funds for social spending.

However, Moulin warned that such actions would violate existing treaties, lead to inflation, and elevate interest rates. Christine Lagarde, President of the European Central Bank and former French economy and finance minister, also denounced the plan, cautioning against its potential repercussions from creditors.