France's debt interest payments to hit €80bn in 2026, audit chief warns

September 20, 2026 at 09:25 PM2 min

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France's interest payments on government debt will reach about €80 billion in 2026, the head of the state audit office said. Amélie de Montchalin warned that rising debt-servicing costs could threaten national sovereignty. The figure exceeds the national education budget and is about 40% higher than defense spending.

Key Facts

France's interest payments on government debt are projected to reach about €80 billion in 2026, according to Amélie de Montchalin, head of the Cour des Comptes.
The €80 billion figure exceeds the €65 billion budget of the French national education ministry and is about 40% higher than defense spending.
France's public debt reached a record €3.46 trillion, or 115.7% of GDP, at the end of 2025, and rose to €3.536 trillion, or 117.5% of GDP, in the first quarter of 2026.
France's budget deficit was 5.1% of GDP in 2025, according to Insee.

Debt Servicing Costs

Amélie de Montchalin, president of the Cour des Comptes, told Le Parisien that France likely faces one of the most important decisions in the history of the Fifth Republic. She estimated that interest payments on the national debt will total about €80 billion in 2026. That amount is larger than the €65 billion budget of the national education ministry and roughly 40% above defense spending. De Montchalin said the dangerous trajectory of interest costs could limit the state's room for maneuver and threaten its sovereignty.

Debt and Deficit Levels

Insee data show France's public debt stood at €3.46 trillion, or 115.7% of GDP, at the end of 2025, up from 112.6% a year earlier. In the first quarter of 2026, the debt ratio climbed to 117.5% of GDP, with total debt reaching €3.536 trillion. The budget deficit was 5.1% of GDP in 2025, according to Insee.

Stabilization Precedents

De Montchalin argued that further debt growth is not inevitable, citing Germany, Italy, and Portugal as countries that managed to stabilize their debt burdens. She said France faces no fatal predetermination if decisions are taken quickly and responsibly.