France’s public debt has climbed to a record 3.596 trillion euros, equal to 119 percent of GDP. The figure, released this week by statistics institute INSEE, is now the central issue in the 2027 presidential election.

The debt stood at 97.9 percent of GDP in 2019, before the COVID-19 pandemic. It rose from 117.5 percent in the first quarter of 2026. The euro area average is 88.9 percent. Greece sits at 143.5 percent, Italy at 138.9 percent, and the United States at 122.6 percent.

The rise came from years of deficits, heavy pandemic spending, and energy support after Russia’s invasion of Ukraine. Higher global interest rates then made servicing the debt costlier. Prime Minister Sebastien Lecornu plans 54 billion euros in spending cuts in the 2027 budget to tackle a projected deficit of 5.4 percent of GDP.

The debate is splitting politics. Radical-left candidate Jean-Luc Melenchon has proposed cancelling French bonds held by the European Central Bank. ECB President Christine Lagarde called that a “pure violation” of EU treaties and warned lenders could then demand punishing terms.

Why it matters: every candidate for 2027 must now explain how to fix the books. France’s answer will shape borrowing costs across Europe.