On Wednesday, 30 September, Vanguard told the Financial Times that France is likely to face even higher borrowing costs as its credit keeps deteriorating. Ales Koutny, Vanguard’s head of international rates, called France a “long-term degrading credit”. He warned that demand in debt markets can disappear once a country becomes the centre of stress. France’s 10-year borrowing cost has risen from 3.2% to above 4.8% since the Iran war began, the biggest jump in the G7. When one of the world’s largest bond buyers says that about the eurozone’s second-largest economy, other investors listen. This is now Europe’s problem, not just France’s. France has taken Italy’s old role as the eurozone’s biggest source of bond-market anxiety.
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