France on autopilot by Enarques and its AAA civil service

Bayrou will soon be writing historical biographies again, for which he is better suited.

There comes a point when the French political class will either have to let the largest party in France have a shot at government, or persist on an untenable and dangerous course towards authoritarian elitism.

The finance minister, Éric Lombard, whispered the terrifying words: Fonds Monétaire International. 

“All of a sudden, doubts take hold. Investors no longer want to lend. The state has no choice other than to request emergency loans from outside, along with a drastic austerity programme”, he said.

All to no avail. Everybody knows that they are bluffing. 

The European Central Bank will always step in to mop up French debt in the end because the eurozone would disintegrate if it did not.

In strict legal terms, the ECB may activate its intervention tool (TPI) only to buy the debt of countries that pursue “sound fiscal and macroeconomic policies” and where the “trajectory of public debt is sustainable”. 

France obviously fails the test and that gives the ECB carte blanche to be obstructive.

Ambrose Evans-Pritchard Telegraph 29 August 2025 

https://www.telegraph.co.uk/business/2025/08/29/bond-vigilantes-should-fear-a-le-pen-government/

 

ECB Officials See No Cause for Alarm Over France’s Market Turmoil - TPI. juni 14, 2024

https://englundmacro.blogspot.com/2024/06/ecb-officials-see-no-cause-for-alarm.html


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