- French Politics French Politics French Politics
- 2027 French presidential election 2027 French presidential election 2027 French presidential election
The radical-left presidential candidate has proposed to freeze the part of the French debt payable to the European Central Bank. Attacked by business leaders and debated by politicians and experts, Jean-Luc Mélenchon has hit back over what he called 'caricatures' of his idea.
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"Just take them and throw them in the fire": On June 24, in front of a handful of journalists and influencers, La France Insoumise (LFI) leader Jean-Luc Mélenchon explained, in his unique way, his proposal to erase part of France's debt. Specifically, the portion held by the Banque de France but owned by the European Central Bank (ECB). He admitted his provocative statement had a clear goal: "To give Le Monde and other newspapers something to come after me with." The former Socialist senator, who has long supported this idea, wants to put it back on the agenda.
Two months later, the four-time presidential candidate more than got his wish. Highly technical and difficult for non-experts to grasp, the issue of public debt is also a political tool, one frequently exploited by the right.
"We've had enough of these wild speeches about canceling part of the debt when France is on the brink of bankruptcy," commented Bruno Retailleau, presidential contender for right-wing party Les Républicains, during the debate between candidates for the 2027 election organized by employer federation MEDEF at the Rencontre des Entrepreneurs de France conference on Thursday, August 27. "If canceling the debt were that simple, why hasn't it been done before?" added Gabriel Attal, candidate for centrist party Renaissance, as he revived Mélenchon's statement in the middle of August and also accused him of wanting to bring France to "bankruptcy."
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