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.
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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
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