France is paying more to borrow, compared with Germany, than at any time since the eurozone crisis. At the end of last week, the French 10-year bond (OAT) was yielding about 157 basis points more than the German Bund. On Friday alone, the gap between the two widened by 30 basis points. On Monday the euro fell to its lowest level since May 2025, a slide that started when France’s budget failed to calm markets . This morning the euro won back part of that loss. A small bounce does not answer the bigger question, though: who will pay for France? France is the eurozone’s second-largest economy, so its problems spread to everyone else in the bloc. Investors are moving money out of Paris and into Berlin.
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