PARIS: France's debt mountain is growing and will this year be at its highest level since 1978 because of a soaring deficit, the country's finance ministry said Saturday. A ministry source told reporters the public debt would reach 119.3 percent of GDP in 2026 and 121.7 percent in 2027 -- more than double the 60-percent-of-GDP reference limit EU member countries are required to aim for. Those figures are unprecedented since 1978, according to France's statistics institute Insee. The source said the rise in France's debt was "automatic" as "a consequence of a deficit that remains high". France is the third most indebted country in the eurozone, behind only Greece and Italy.
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