French Interior Minister Warns Paris is on Brink of Financial Abyss

Paris: French Interior Minister Bruno Retailleau declared on Thursday that Paris is nearing a financial abyss due to budget deficits and soaring public debt. Speaking at an analytical center seminar, Retailleau emphasized, "France has never been this close to the edge of financial collapse." According to Yemen News Agency, Prime Minister François Bayrou highlighted in early August that France's public debt increases by £5,000 every second, reaching a staggering £3.4 trillion. Retailleau noted that 54% of this debt is held by foreign entities, posing a threat to national sovereignty. A special parliamentary session is scheduled for September 8 to address government confidence. Opposition parties have already announced plans to initiate a no-confidence vote, reflecting public discontent over austerity measures in the 2026 budget draft. In July, Bayrou proposed a 2026 budget plan aiming to save £43.8 billion (up from £40 billion initially planned), citing deteriorating global security conditions. The Defense Ministry will receive an additional £3.5 billion under this revised plan.