the incredible story of the last state bankruptcy – L’Express

the incredible story of the last state bankruptcy – LExpress

Debt is not the prerogative of recent governments. Since the Middle Ages through the Revolution, the French State has had to manage this slate and its consequences on the country. With Jean-Marc Daniel, specialist in the history of economic thought, we retrace the epic story of the French debt. In this third episode, we tell you about the last bankruptcy of France, in the middle of the Revolution.

READ ALSO: Charles Serfaty: “France’s economic takeoff coincides with the French Revolution”

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The team: Charlotte Baris (presentation and writing), Jules Krot (editing and direction)

Credits: Boursorama, INA, France Info, LCP Public Senate, Studio Canal, Warner Bros Pictures

Music and dressing: Emmanuel Herschon/Studio Torrent

Logo: Jérémy Cambour

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Charlotte Baris: That afternoon, Michel Barnier, the Prime Minister, walked feverishly to the desk of the National Assembly. He knows that the announcement he is going to make will cause chaos in the chamber. Despite the multiple reforms carried out by its government for months, France has not managed to straighten out its accounts. The 5% deficit is still far away. And anger is growing in the country. So the Prime Minister took a strong decision, far from being unanimous.

In front of the deputies, Michel Barnier takes a deep breath and announces: “we are going to consolidate a third of the French debt”. At these words, the Assembly burst into flames: this is bankruptcy! This means that the State is actually giving up paying two thirds of the debt, or more than 2,000 billion euros. You have understood, dear listeners, this scene does not exist… for the moment. But faced with the weight of the debt, bankruptcy is a possibility for a State. And the last time France saw it, it was in a revolutionary context.

To go further

Jean-Marc Daniel: “It is France which is causing the economic drama in Europe”

Budget 2025: gas, teachers, justice… the changes desired by certain ministers

How to reduce debt? These inspiring examples from our European neighbors

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