{"id":2115225,"date":"2026-08-27T11:40:54","date_gmt":"2026-08-27T08:40:54","guid":{"rendered":"https:\/\/analyse.optim.biz\/?p=2115225"},"modified":"2026-08-27T11:40:54","modified_gmt":"2026-08-27T08:40:54","slug":"can-french-debt-really-be-cancelled-melenchons-proposal-sparks-debate","status":"publish","type":"post","link":"https:\/\/analyse.optim.biz\/?p=2115225","title":{"rendered":"Can French debt really be cancelled? M\u00e9lenchon\u2019s proposal sparks debate"},"content":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/88\/96\/77\/1200x675_cmsv2_16f2cfff-af34-5a0a-9308-c864df266dfc-9889677.jpg&#8221;]<\/p>\n<article id=\"abe-2921102-pos1-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1 the-media-object--has-video\" data-nid=\"2921102\" data-cid=\"9891853\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921102-label-pos1-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/53\/189x106_cmsv2_b03ee73f-97c2-5a61-8845-3831e6259ff4-9891853.jpg\" loading=\"lazy\" alt=\"Muddy river bank with debris is seen near Gyirong Por\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    No Comment<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Catastrophic Nepal floods and landslides in Nuwakot leave hundreds still missing\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921130-pos2-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2921130\" data-cid=\"9892037\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921130-label-pos2-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/37\/189x106_cmsv2_e2bbce09-981f-51da-b093-476cd304bcfa-9892037.jpg\" loading=\"lazy\" alt=\"A soldier with a drone during a press event of the Swiss Army in Elm, 18 May, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Switzerland eyes drone battalion by 2028, defence ministry says\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921124-pos3-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2921124\" data-cid=\"9892007\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921124-label-pos3-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/07\/189x106_cmsv2_fea505ce-b474-549f-a106-e2cb941bd309-9892007.jpg\" loading=\"lazy\" alt=\"Nepalese policemen watch as earthmovers clear the debris of flash flooding in Nepal&apos;s Nuwakot district, 27 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Nepal<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Death toll hits 392 as rescuers search for missing after Nepal floods\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921100-pos4-c-latest-stories\" class=\"the-media-object m-modeMobile-1 m-modeDesktop-1 m-modeXL-1\" data-nid=\"2921100\" data-cid=\"9891859\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921100-label-pos4-c-latest-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/59\/189x106_cmsv2_89bf93eb-3712-510b-9386-db986bdd5a21-9891859.jpg\" loading=\"lazy\" alt=\"Migrants who crossed from Morocco into Spain return to a beach after being expelled from the area the previous day, 21 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Ceuta residents try to block Red Cross aid month after migrant influx\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921102-pos1-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video\" data-nid=\"2921102\" data-cid=\"9891853\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921102-label-pos1-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/53\/189x106_cmsv2_b03ee73f-97c2-5a61-8845-3831e6259ff4-9891853.jpg\" loading=\"lazy\" alt=\"Muddy river bank with debris is seen near Gyirong Por\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    No Comment<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Catastrophic Nepal floods and landslides in Nuwakot leave hundreds still missing\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921130-pos2-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2921130\" data-cid=\"9892037\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921130-label-pos2-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/37\/189x106_cmsv2_e2bbce09-981f-51da-b093-476cd304bcfa-9892037.jpg\" loading=\"lazy\" alt=\"A soldier with a drone during a press event of the Swiss Army in Elm, 18 May, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Switzerland eyes drone battalion by 2028, defence ministry says\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921124-pos3-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2921124\" data-cid=\"9892007\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921124-label-pos3-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/07\/189x106_cmsv2_fea505ce-b474-549f-a106-e2cb941bd309-9892007.jpg\" loading=\"lazy\" alt=\"Nepalese policemen watch as earthmovers clear the debris of flash flooding in Nepal&apos;s Nuwakot district, 27 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Nepal<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Death toll hits 392 as rescuers search for missing after Nepal floods\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article id=\"abe-2921100-pos4-c-latest-stories-sidebar\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2\" data-nid=\"2921100\" data-cid=\"9891859\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921100-label-pos4-c-latest-stories-sidebar\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/59\/189x106_cmsv2_89bf93eb-3712-510b-9386-db986bdd5a21-9891859.jpg\" loading=\"lazy\" alt=\"Migrants who crossed from Morocco into Spain return to a beach after being expelled from the area the previous day, 21 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n                    Europe News<\/p>\n<div class=\"the-media-object__title  \">\n<p>    Ceuta residents try to block Red Cross aid month after migrant influx\n  <\/p><\/div>\n<\/div>\n<\/article>\n<article class=\"helper-site-row o-article-newsy\">\n<div class=\"helper-site-container o-article-newsy__container\">\n<div class=\"o-article-newsy__main\">\n<header class=\"h-grid o-article-newsy__main__header\">\n<nav aria-label=\"Breadcrumbs\" class=\"c-article-breadcrumbs\">\n<div id=\"adb-article-breadcrumb\" class=\"c-article-breadcrumbs__list\">\n<p>                          Europe<\/p>\n<p>                          Europe News<\/p><\/div>\n<\/nav>\n<h1 class=\"c-article-redesign-title\">\n                            Can French debt really be cancelled? M\u00e9lenchon\u2019s proposal sparks debate<\/h1>\n<div class=\"c-article-image-video u-position-relative \">\n<div class=\"js-superdiv u-aspect-ratio-16x9 u-position-relative \" data-controller=\"video-player\" data-sponsored=\"Partner content\"><img fetchpriority=\"high\" decoding=\"async\" class=\"js-poster-img c-article-media__img\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/88\/96\/77\/1536x864_cmsv2_16f2cfff-af34-5a0a-9308-c864df266dfc-9889677.jpg\" width=\"1536\" height=\"864\" loading=\"eager\" alt=\"French left wing leader Jean-Luc Melenchon delivers a speech during a meeting on defense in Paris, Friday, March 31, 2017.  \"><\/div>\n<div class=\"c-article-caption u-position-absolute\"><i id=\"article-caption-content\" class=\"c-article-caption__content\"><span class=\"c-article-caption__text\"><br \/>\n              French left wing leader Jean-Luc Melenchon delivers a speech during a meeting on defense in Paris, Friday, March 31, 2017.<br \/>\n                    <span class=\"u-color-white\">&#8211;\u00a0<\/span><span class=\"c-article-caption__copyright\">Copyright\u00a0<\/span><span class=\"c-article-caption__credit\">AP Photo\/Francois Mori<\/span><\/span><\/i><\/div>\n<div class=\"c-article-image-copyright c-article-image-copyright--novideo\">\n      Copyright\u00a0AP Photo\/Francois Mori\n  <\/div>\n<\/div>\n<\/header>\n<div class=\"h-grid o-article-newsy__main__body u-article-content\">\n<div class=\"o-article-newsy__contributors-publication-date\">\n<div class=\"c-article-contributors\">\n  By&amp;nbspEleonora Vasques\n<\/div>\n<div class=\"c-article-publication-date\" data-timestamp=\"1787830854\">\n                    Published on                 <time datetime=\"2026-08-27 13:40:54 +02:00\">27\/08\/2026 &#8211; 13:40 GMT+2<\/time><span class=\"c-article-publication-date__bullet\">\u2022<\/span>Updated<br \/>\n                                     <time datetime=\"13:42\">13:42<\/time><\/div>\n<\/div>\n<div 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width=\"24\" height=\"24\" alt=\"whatsapp\" loading=\"lazy\"><span>Whatsapp<\/span><\/span><img decoding=\"async\" src=\"https:\/\/static.euronews.com\/website\/images\/vector\/social-icons\/article-redesign-whatsapp.svg\" width=\"48\" height=\"48\" alt=\"whatsapp\" class=\"u-show-for-desktop\" loading=\"lazy\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<h2 class=\"c-article-summary\">\n        M\u00e9lenchon\u2019s call to cancel part of France\u2019s debt heats up the presidential race, with prominent French banker Matthieu Pigasse backing the proposal.<br \/>\n    <\/h2>\n<div class=\"c-article-content js-article-content\">\n<p>French far-left leader Jean-Luc M\u00e9lenchon has proposed to cancel a large chunk of France&#8217;s public debt, namely the 18 percent that is currently held by the country&#8217;s central bank. The rationale is to unlock money for public spending, but is this is even feasible? <\/p>\n<div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt loading=\"lazy\"><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<p>M\u00e9lenchon, currently a candidate for the presidential elections in April 2027, and seen as a front-runner, first floated the idea during the COVID 19 pandemic and revived the controversial call this month while on the campaign trail.<\/p>\n<p> &#8220;All we have to do is take the 18% held by the Bank of France and chuck it in the fire,&#8221; he said during a campaign speech, referring to roughly \u20ac600 billion. <\/p>\n<p>His pitch has gained significant support from high-profile and left-leaning investment banker Matthieu Pigasse. In fact, Pigasse shared a stage with M\u00e9lenchon at a recent political rally of his party &#8212; France Unbowed (LFI). <\/p>\n<p>&#8220;Public debt can be cancelled, as Jean-Luc said, without any economic or financial impact,&#8221; Pigasse said at the LFI rally last weekend to a large applause.<\/p>\n<p>A well-known figure in France and within global financial circles, Pigasse advised the Greek government during its financial crisis, and recently helped Venezuela restructure its debt. <\/p>\n<p>Yet, M\u00e9lenchon&#8217;s debt cancellation proposal triggered sharp rebukes from his political opponents and beyond. <\/p>\n<p>Former EU Internal Market Commissioner Thierry Breton attacked it in an op-ed published Tuesday in the French financial newspaper <em>Les Echos<\/em>, noting such move would be legally impossible as the Bank of France is part of the Eurosystem governed by the European Central Bank and cannot independently cancel or erase bons. <\/p>\n<p>France&#8217;s Economy Minister Roland Lescure said that M\u00e9lenchon was &#8220;talking absolute nonsense&#8221; and that his proposal would lead to another &#8220;financial crisis.&#8221; <\/p>\n<p>&#8220;Cancelling the debt amounts to saying we won\u2019t repay the people we owe money to [&#8230;] behind the debt, there are savers, life insurance policies, and banks. If you say, &#8216;we\u2019re cancelling it,&#8217; you destroy trust,&#8221; Lescure told the French broadcaster BFM. <\/p>\n<p>He too said such move would be illegal and a &#8220;gigantic middle finger&#8221; to the Eurozone as, by treaty, national central banks are prohibited from financing their own national governments. <\/p>\n<p>Former International Monetary Fund Chief Economist Olivier Blanchard, who held the office during the Greek debt crisis in 2015, called the debate around the proposal \u201cidiotic,\u201d arguing that the effects of the debt cancellation would be negligible. <\/p>\n<p>He shared on X that if the French Central Bank cancelled the government bonds it owns, the net effect would be zero. The state would save money on interest payments, but it would lose that exact same amount because the central bank would no longer send those profits back to the government. <\/p>\n<p>Pigasse strongly criticised Blanchard\u2019s remarks, accusing the former IMF top official of having mishandled the Greek crisis, which, he argued, resulted in spending cuts rather than earlier debt restructuring.<\/p>\n<h2>French economy set to dominate the electoral debate<\/h2>\n<p>The state of the French economy is set to dominate debates leading up the 2027 presidential election. With public debt now exceeding 116% of GDP, France\u2019s next leader will inherit almost no fiscal breathing room. <\/p>\n<p>This massive debt burden severely restricts public spending, forcing candidates to clash over how\u2014or if\u2014the state can afford investments needed in strategic sectors like artificial intelligence and defence. <\/p>\n<p>The vote will take place against a deeply fractured political backdrop. A hung National Assembly with no stable majority leaves the government structurally paralyzed, turning the passage of routine legislation into constant political battles. <\/p>\n<p>ECB President Christine Lagarde ruled out a presidential bid during a July interview with Euronews, though she indicated she may step down to provide economic guidance to the candidates. <\/p>\n<p>On Thursday, the presidential race will kick off in earnest with a premier economic debate hosted by the powerful business lobby Medef and attended by seven French presidential hopefuls. <\/p>\n<p>The lineup includes M\u00e9lenchon and National Rally&#8217;s Marine Le Pen, and his proposal is expected to be at the center of discussions. Ahead of the debate, Le Pen&#8217;s right-hand man Jordan Bardella called M\u00e9lenchon&#8217;s economic plan &#8220;nonsense.&#8221; <\/p>\n<p>The National Rally has also faced longstanding criticism over the credibility of its economic programme. The party once openly advocated for France to leave the EU, but has since abandoned its so-called &#8220;Frexit&#8221; policy, following a shift similar to that in Italy.<\/p>\n<p>For investors, a second-round presidential contest between Le Pen and M\u00e9lenchon would be seen as a high-risk scenario. Neither has a track record of managing a large national budget or of pursuing conventional economic policies.<\/p>\n<p>Yet Le Pen&#8217;s focus on <em>pouvoir d&#8217;achat<\/em> \u2014 or the diminishing purchasing power of the working class \u2014 has strongly resonated with French voters.<\/p>\n<\/div>\n<p>                                  Go to accessibility shortcuts<\/p>\n<div class=\"c-article-share-comment u-align-items-center u-display-flex\"><span class=\"c-article-share-comment__links u-align-items-center u-display-flex u-justify-content-center js-c-article-share-comment-share\"><span class=\"c-article-share-comment__label\">Share<\/span><\/span><span class=\"c-article-share-comment__label\">Comments<\/span><span class=\"c-article-share-comment__label c-article-share-comment__label--always\">Add Euronews on Google<\/span><\/div>\n<div id=\"adb-article-you-might-also-like\" class=\"perf-cv-auto c-article-you-might-also-like\">\n<h2 class=\"c-article-you-might-also-like__title\">\n        Read more<br \/>\n      <\/h2>\n<div class=\"c-article-you-might-also-like__item\">\n<h3>\n<p>                  &#8216;I&#8217;m not a candidate&#8217;: Lagarde tells Euronews as French election speculation grows<\/p>\n<\/h3>\n<\/div>\n<div class=\"c-article-you-might-also-like__item\">\n<h3>\n<p>                  Switzerland intends to build military drone battalion by 2028, defence ministry says<\/p>\n<\/h3>\n<\/div>\n<div class=\"c-article-you-might-also-like__item\">\n<h3>\n<p>                  Clashes in Spain&#8217;s Ceuta month after mass migrant influx, residents try to block Red Cross aid<\/p>\n<\/h3>\n<\/div>\n<\/div>\n<div class=\"perf-cv-auto\">\n<ul id=\"adb-article-tags\" class=\"c-tags-list\">\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Debt crisis<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  France<br \/>\n<\/section>\n<\/li>\n<li class=\"c-tags-list__item\">\n<section class=\"tc-cta\" data-twig-component=\"Cta-default\">\n  Jean-Luc M\u00e9lenchon<br \/>\n<\/section>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<\/div>\n<aside class=\"o-article-newsy__aside\">\n<div class=\"c-ad-wrapper o-article-newsy__aside__content-1\" data-ad-name=\"adzone-halfpage\">\n<div class=\"c-ad c-ad-halfpage u-show-for-desktop\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<div id=\"adb-article-top-stories\" class=\"perf-cv-auto c-top-stories\">\n<h2 class=\"c-top-stories__title\">Top stories<\/h2>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2921112-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921112\" data-cid=\"9891971\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921112-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/19\/71\/320x180_cmsv2_4ea3f2c1-a145-53a8-942e-b822538a51e0-9891971.jpg\" loading=\"lazy\" alt=\"Two men walk past the NATO logo during the NATO Defence Industry Forum at the NATO summit in Ankara, 7 July, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Trump says Russia is &#8216;not going to attack&#8217; NATO territory<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2921103-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2921103\" data-cid=\"9891915\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921103-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/78\/320x180_cmsv2_6d6a31d2-7fd6-548a-a7c8-323ed3c18c71-9891878.jpg\" loading=\"lazy\" alt=\"President Donald Trump points at a journalist to ask a question in the Oval Office at the White House on 27 August 2026 in Washington.\" height=\"9\" 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class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Ceuta residents try to block Red Cross aid month after migrant influx<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2921130-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921130\" data-cid=\"9892037\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921130-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/37\/320x180_cmsv2_e2bbce09-981f-51da-b093-476cd304bcfa-9892037.jpg\" loading=\"lazy\" alt=\"A soldier with a drone during a press event of the Swiss Army in Elm, 18 May, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Switzerland eyes drone battalion by 2028, defence ministry says<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-top-stories__item\">\n<article id=\"abe-2921124-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921124\" data-cid=\"9892007\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921124-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/07\/320x180_cmsv2_fea505ce-b474-549f-a106-e2cb941bd309-9892007.jpg\" loading=\"lazy\" alt=\"Nepalese policemen watch as earthmovers clear the debris of flash flooding in Nepal&apos;s Nuwakot district, 27 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Death toll hits 392 as rescuers search for missing after Nepal floods<br \/>\n  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address European Parliament as Canada pivots away from Trump<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">3<\/span><\/p>\n<article id=\"abe-2920925-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920925\" data-cid=\"9890983\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Italy faces summer&#8217;s most intense heatwave with 45\u00b0C highs<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<\/div>\n<div class=\"c-most-viewed__item\"><span class=\"c-most-viewed__item__number\">4<\/span><\/p>\n<article id=\"abe-2920928-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--no-label\" data-nid=\"2920928\" data-cid=\"9890814\" data-part-label=\"Partner content\">\n<div 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class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<div class=\"c-ad u-show-for-mobile-only\">\n<div class=\"c-ad__placeholder\"><img loading=\"lazy\" decoding=\"async\" class=\"c-ad__placeholder__logo\" src=\"https:\/\/static.euronews.com\/website\/images\/logos\/logo-euronews-stacked-outlined-72x72-grey-9.svg\" width=\"72\" height=\"72\" alt><span>ADVERTISEMENT<\/span><\/div>\n<\/div>\n<\/div>\n<\/aside>\n<\/div>\n<\/article>\n<article id=\"abe-2921112-pos2-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921112\" data-cid=\"9891971\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921112-label-pos2-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/19\/71\/320x180_cmsv2_4ea3f2c1-a145-53a8-942e-b822538a51e0-9891971.jpg\" loading=\"lazy\" alt=\"Two men walk past the NATO logo during the NATO Defence Industry Forum at the NATO summit in Ankara, 7 July, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Trump says Russia is &#8216;not going to attack&#8217; NATO territory<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2921103-pos3-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--has-video the-media-object--no-label\" data-nid=\"2921103\" data-cid=\"9891915\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921103-label-pos3-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/78\/320x180_cmsv2_6d6a31d2-7fd6-548a-a7c8-323ed3c18c71-9891878.jpg\" loading=\"lazy\" alt=\"President Donald Trump points at a journalist to ask a question in the Oval Office at the White House on 27 August 2026 in Washington.\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Trump signs order to rename Lake Ontario &#8216;Lake America&#8217;<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2921100-pos4-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921100\" data-cid=\"9891859\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921100-label-pos4-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/18\/59\/320x180_cmsv2_89bf93eb-3712-510b-9386-db986bdd5a21-9891859.jpg\" loading=\"lazy\" alt=\"Migrants who crossed from Morocco into Spain return to a beach after being expelled from the area the previous day, 21 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Ceuta residents try to block Red Cross aid month after migrant influx<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2921130-pos5-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921130\" data-cid=\"9892037\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921130-label-pos5-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/37\/320x180_cmsv2_e2bbce09-981f-51da-b093-476cd304bcfa-9892037.jpg\" loading=\"lazy\" alt=\"A soldier with a drone during a press event of the Swiss Army in Elm, 18 May, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Switzerland eyes drone battalion by 2028, defence ministry says<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2921124-pos6-top-stories\" class=\"the-media-object m-modeMobile-2 m-modeDesktop-2 m-modeXL-2 the-media-object--no-label\" data-nid=\"2921124\" data-cid=\"9892007\" data-part-label=\"Partner content\">\n<figure id=\"abe-2921124-label-pos6-top-stories\" class=\"the-media-object__figure\"><img decoding=\"async\" class=\"the-media-object__image\" src=\"https:\/\/images.euronews.com\/articles\/stories\/09\/89\/20\/07\/320x180_cmsv2_fea505ce-b474-549f-a106-e2cb941bd309-9892007.jpg\" loading=\"lazy\" alt=\"Nepalese policemen watch as earthmovers clear the debris of flash flooding in Nepal&apos;s Nuwakot district, 27 August, 2026\" height=\"9\" width=\"16\"><\/figure>\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Death toll hits 392 as rescuers search for missing after Nepal floods<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920670-pos1-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920670\" data-cid=\"9889382\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    EU GDP shares: Which countries are rising and which are falling?<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920818-pos2-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--no-label\" data-nid=\"2920818\" data-cid=\"9890327\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Carney to address European Parliament as Canada pivots away from Trump<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920925-pos3-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920925\" data-cid=\"9890983\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Italy faces summer&#8217;s most intense heatwave with 45\u00b0C highs<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920928-pos4-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--has-video the-media-object--no-label\" data-nid=\"2920928\" data-cid=\"9890814\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Nepal flash flood: dramatic footage shows Rasuwa valley engulfed<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<article id=\"abe-2920930-pos5-mostViewed\" class=\"the-media-object m-modeMobile-3 m-modeDesktop-3 m-modeXL-3 the-media-object--no-label\" data-nid=\"2920930\" data-cid=\"9890841\" data-part-label=\"Partner content\">\n<div class=\"the-media-object__content\">\n<h3 class=\"the-media-object__title  \">\n<p>    Syria&#8217;s president pays for coffee with Visa card as sanctions era ends<br \/>\n  <\/h3>\n<\/div>\n<\/article>\n<div class=\"articleBody\" data-key=\"articleBody\">French far-left leader Jean-Luc M\u00e9lenchon has proposed to cancel a large chunk of France&#8217;s public debt, namely the 18 percent that is currently held by the country&#8217;s central bank. The rationale is to unlock money for public spending, but is this is even feasible?M\u00e9lenchon, currently a candidate for the presidential elections in April 2027, and seen as a front-runner, first floated the idea during the COVID 19 pandemic and revived the controversial call this month while on the campaign trail.&#8221;All we have to do is take the 18% held by the Bank of France and chuck it in the fire,&#8221; he said during a campaign speech, referring to roughly \u20ac600 billion.His pitch has gained significant support from high-profile and left-leaning investment banker Matthieu Pigasse. In fact, Pigasse shared a stage with M\u00e9lenchon at a recent political rally of his party &#8212; France Unbowed (LFI).&#8221;Public debt can be cancelled, as Jean-Luc said, without any economic or financial impact,&#8221; Pigasse said at the LFI rally last weekend to a large applause.A well-known figure in France and within global financial circles, Pigasse advised the Greek government during its financial crisis, and recently helped Venezuela restructure its debt.Yet, M\u00e9lenchon&#8217;s debt cancellation proposal triggered sharp rebukes from his political opponents and beyond.Former EU Internal Market Commissioner Thierry Breton attacked it in an op-ed published Tuesday in the French financial newspaper Les Echos, noting such move would be legally impossible as the Bank of France is part of the Eurosystem governed by the European Central Bank and cannot independently cancel or erase bons.France&#8217;s Economy Minister Roland Lescure said that M\u00e9lenchon was &#8220;talking absolute nonsense&#8221; and that his proposal would lead to another &#8220;financial crisis.&#8221;&#8221;Cancelling the debt amounts to saying we won\u2019t repay the people we owe money to [&#8230;] behind the debt, there are savers, life insurance policies, and banks. If you say, &#8216;we\u2019re cancelling it,&#8217; you destroy trust,&#8221; Lescure told the French broadcaster BFM.He too said such move would be illegal and a &#8220;gigantic middle finger&#8221; to the Eurozone as, by treaty, national central banks are prohibited from financing their own national governments.Former International Monetary Fund Chief Economist Olivier Blanchard, who held the office during the Greek debt crisis in 2015, called the debate around the proposal \u201cidiotic,\u201d arguing that the effects of the debt cancellation would be negligible.He shared on X that if the French Central Bank cancelled the government bonds it owns, the net effect would be zero. The state would save money on interest payments, but it would lose that exact same amount because the central bank would no longer send those profits back to the government.Pigasse strongly criticised Blanchard\u2019s remarks, accusing the former IMF top official of having mishandled the Greek crisis, which, he argued, resulted in spending cuts rather than earlier debt restructuring.French economy set to dominate the electoral debateThe state of the French economy is set to dominate debates leading up the 2027 presidential election. With public debt now exceeding 116% of GDP, France\u2019s next leader will inherit almost no fiscal breathing room.This massive debt burden severely restricts public spending, forcing candidates to clash over how\u2014or if\u2014the state can afford investments needed in strategic sectors like artificial intelligence and defence.The vote will take place against a deeply fractured political backdrop. A hung National Assembly with no stable majority leaves the government structurally paralyzed, turning the passage of routine legislation into constant political battles.ECB President Christine Lagarde ruled out a presidential bid during a July interview with Euronews, though she indicated she may step down to provide economic guidance to the candidates.On Thursday, the presidential race will kick off in earnest with a premier economic debate hosted by the powerful business lobby Medef and attended by seven French presidential hopefuls.The lineup includes M\u00e9lenchon and National Rally&#8217;s Marine Le Pen, and his proposal is expected to be at the center of discussions. Ahead of the debate, Le Pen&#8217;s right-hand man Jordan Bardella called M\u00e9lenchon&#8217;s economic plan &#8220;nonsense.&#8221;The National Rally has also faced longstanding criticism over the credibility of its economic programme. The party once openly advocated for France to leave the EU, but has since abandoned its so-called &#8220;Frexit&#8221; policy, following a shift similar to that in Italy.For investors, a second-round presidential contest between Le Pen and M\u00e9lenchon would be seen as a high-risk scenario. Neither has a track record of managing a large national budget or of pursuing conventional economic policies.Yet Le Pen&#8217;s focus on pouvoir d&#8217;achat \u2014 or the diminishing purchasing power of the working class \u2014 has strongly resonated with French voters.<\/div>\n<p>[analyse_source url=&#8221;https:\/\/www.euronews.com\/my-europe\/2026\/08\/27\/can-french-debt-really-be-cancelled-melenchons-proposal-sparks-debate&#8221;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[analyse_image type=&#8221;featured&#8221; src=&#8221;https:\/\/images.euronews.com\/articles\/stories\/09\/88\/96\/77\/1200x675_cmsv2_16f2cfff-af34-5a0a-9308-c864df266dfc-9889677.jpg&#8221;] No Comment Catastrophic Nepal floods and landslides in Nuwakot leave hundreds still missing Europe News Switzerland eyes drone battalion by 2028, defence ministry says Nepal Death toll hits 392 as rescuers search for missing after Nepal floods Europe News Ceuta residents try to block Red Cross aid month after migrant influx No [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[90],"tags":[226,36],"class_list":["post-2115225","post","type-post","status-publish","format-standard","hentry","category-international","tag-crawlmanager","tag-euronews-com"],"_links":{"self":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2115225","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2115225"}],"version-history":[{"count":0,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=\/wp\/v2\/posts\/2115225\/revisions"}],"wp:attachment":[{"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2115225"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2115225"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/analyse.optim.biz\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2115225"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}