Part 4/15:
The root of France’s political crisis lies in its dire economic situation. The country is grappling with a massive debt crisis, with the national debt reaching approximately 114% of its GDP and a fiscal deficit close to 200 billion euros—around 6% of the GDP. Previous efforts at austerity, including proposals to freeze welfare payments, reduce national holidays, and cut public spending by over 50 billion euros annually, have faced fierce opposition. The issue became a flashpoint once again with proposals to reform pensions—specifically raising the retirement age from 62 to 64—which sparked large protests and street protests last year.