Minister of Finance: France's finances resemble a "powder keg"... Deferring spending cuts is not possible

French Finance Minister David Amiel said in an interview with the British newspaper Financial Times that France should not postpone difficult decisions regarding cuts to public spending until after next year’s presidential elections.

Amiel noted that borrowing costs could rise by approximately $12.7 billion (€11 billion) this year compared to last year, according to the German news agency dpa.

Amiel stated that the government does not want to defer responsibility for addressing the financial crisis to the next president, preferring to take action now to reduce spending so that the new president has the option to reverse these measures if desired.

Amiel’s comments come as the French government begins preparing the 2027 budget by setting caps on government spending in an effort to control the deficit and curb the rising burden of debt.