History is full of ironic role reversals. After two years of severe fiscal slippage, France is expected to close out 2025 with a public deficit finally in line with its forecasts, albeit still high. The catch-up was not only the result of actions taken by France’s Finance and Economy Ministry, which froze billions in credits during the fiscal year. France also got an unexpected boost from a country long seen as Europe’s worst offender in terms of public finances, and the same bête noire it once came to the aid of: Greece.
During a reading of the budget bills currently under debate, French MPs discovered the windfall of €1.1 billion, an early repayment Greece made to France earlier in the year. “We can thank our Greek friends for helping us reduce our deficit,” said Jean-François Husson (Les Républicains, LR), the general rapporteur of the budget in the Sénat, with a touch of irony. His counterpart in the Assemblée Nationale, Philippe Juvin (LR), was a bit more pointed: “Do you think we can learn any lessons from the Greek example?” he asked the minister for public accounts, Amélie de Montchalin, during a hearing on November 12.
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