债务狂飙，法国总理警告财政处悬崖边，减支预算计划来袭

Core Viewpoint - The French government, led by Prime Minister François Béru, is set to announce a significant fiscal deficit reduction plan, which includes approximately €40 billion ($47 billion) in spending cuts and tax increases aimed at narrowing the largest budget gap in the Eurozone [1]. Group 1: Fiscal Measures - The proposed budget plan for 2026 focuses on both revenue generation and expenditure reduction, facing substantial resistance in both areas [4]. - The government aims to restore "tax fairness" by closing loopholes in the tax code rather than implementing broad tax increases on households and businesses [4]. - The plan includes a commitment to withdraw a corporate tax increase aimed at large companies, which complicates the fiscal balance challenge [4]. Group 2: Economic Context - France's fiscal difficulties have impacted the bond market, leading to increased borrowing costs, with the five-year government bond yield nearing the highest level in the Eurozone and the 30-year yield reaching its highest since 2011 at 4.2140% [1][2]. - The public spending as a percentage of GDP in France stands at 57%, which is seven percentage points higher than Germany, indicating a significant fiscal burden [4]. Group 3: Political Challenges - The lack of a majority in the National Assembly complicates Béru's ability to push through deep fiscal reforms, echoing the challenges faced by his predecessor, Michel Barnier [3]. - The government's limited control over local authorities and the social security system hampers its ability to reduce costs effectively, as these areas have seen expenditure growth outpace central finances [5]. - Political and fiscal uncertainties are eroding confidence among businesses and households, putting pressure on investment and consumption, with France's economic growth expected to lag behind the Eurozone average this year [5].