France's Debt Woes Deepen Ahead of Presidential Elections

France's economic woes are growing as its 10-year borrowing costs have soared to 4.7%, their highest level since the global financial crisis in 2008.

The Bank of France Governor, Emmanuel Moulin, warned that investors are demanding an extra premium to hold French debt due to concerns about fiscal and political uncertainty in Paris.

Moulin stated that it would be 'misguided' to expect the European Central Bank (ECB) to rescue France from a sovereign debt crisis. He emphasized that the financial sector is 'solid, well-capitalized', unlike 2008.

France's minority government is set to present its 2027 budget bill next Thursday, which will likely spark weeks of wrangling over spending cuts in parliament.