François Bayrou had decided that presenting his budgetary roadmap would be his "moment of truth." After weeks of carefully maintaining suspense, on Tuesday, July 15, the prime minister, with a serious tone, finally revealed the measures he proposed to end the debt "curse." He walked a tightrope between his allies' "red lines" and made every effort not to alienate the moderate left, whom he depends on for the survival of his minority government.

Assisted by a teleprompter, Bayrou painted a deliberately alarming picture of France's public finances to an audience of ministers, lawmakers, senior civil servants and journalists. "Every second, France's debt rises by €5,000. (...) We have a duty to take responsibility, as this is the last stop before the cliff," he said.

"Over-indebtedness," which requires "borrowing every month to pay pensions or civil servants' salaries," is a "curse with no way out," said Bayrou, preparing the general public for an exceptional effort. He referenced Greece's situation in 2015-2019, when the overindebted country "had to make immense sacrifices," such as "cutting pensions by 30% and civil servants' wages by 15%."

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