Soaring debt is a real risk for France
Apr 22, 2022
3 minutes
Matthew Lynn City columnist
![monweeuk220422_article_014_01_02](https://article-imgs.scribdassets.com/36zeyz4nr49qwn5n/images/fileGAYUGHQS.jpg)
![monweeuk220422_article_014_01_01](https://article-imgs.scribdassets.com/36zeyz4nr49qwn5n/images/fileA904C9EI.jpg)
On Sunday, France will elect its president for the next five years. It will almost certainly be close. Emmanuel Macron, the centrist incumbent, looks to be slightly ahead of Marine Le Pen, his far-right challenger. Markets will breathe a sigh of relief if he scrapes home. But hold on. In reality, whoever wins, France’s massive debts are starting to pose a systemic risk to the global financial system –
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