France’s economy is far worse than most people think.

Government spending makes up 57% of GSYH. Debt-to-GSYH ratio has exceeded 116%, with total public debt at 3.48 trillion euros. Growth expectations for 2026 are only 0.7%. Youth unemployment is above 20%. The population is shrinking, industry is leaving, and the political system can’t produce reforms.
And most importantly: attempts to shrink the social safety net hit a wall every time—so they can’t cut the spending side.
During the Greece crisis, Germany and the EU stepped in. But France has an economy nearly 10 times the size of Greece. No one can rescue it.
Europe’s real vulnerability is France. While everyone is talking about Italy, the real ticking time bomb is ticking in Paris.