In light of the current financial situation in France, there is a possibility that the country could lead to a new euro crisis, according to economist Kamil Kovar of Moody’s. Kovar states that the financial situation in France is currently as dire as it was in 2010, with high levels of debt compared to gross domestic product and rising interest rates. He emphasizes the importance of upcoming French parliamentary elections, particularly in light of the possibility of Marine Le Pen winning and implementing policies that could exacerbate the crisis.
Interest rates on French and Italian government bonds have already risen due to President Emmanuel Macron’s announcement of dissolving the National Assembly. The interest rate on France’s 10-year government bond is at its highest since 2012, and the interest rate difference between France and Germany has also widened since then. Economists are concerned about how the situation in France could impact other euro countries, especially Italy, through interest rate spreads.
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