French Prime Minister François Bayrou has proposed a broad spending freeze for next year and scrapping two national holidays, putting his political survival on the line to narrow the deficit.
In a press conference on Tuesday, Bayrou unveiled the outline of a 2026 fiscal package of €44bn in tax rises and spending cuts, including curbs to pensions and social welfare benefits and a not yet defined “solidarity contribution” from the wealthy.
“This is our moment of truth,” said Bayrou, warning that France could face a debt crisis similar to the one that hit Greece in 2008. “We have become addicted to public spending.”
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