France's Borrowing Costs Soar to 4.7% Amid Election Uncertainty

France's economic woes have reached a boiling point as its 10-year borrowing costs skyrocketed to 4.7%, the highest level since the global financial crisis in 2008, according to Bank of France Governor Emmanuel Moulin.

Moulin warned that investors are demanding an extra premium to hold French debt due to concerns about fiscal and political uncertainty in Paris.

With the presidential election looming next year, Moulin emphasized the need for a budget with savings to put the deficit back on a downward path.

The European Central Bank's potential rescue is not an option, according to Moulin, who said that 'reaching for that idea reflects flawed reasoning.'