Jean-Luc Mélenchon, the leading figure of the far-left France Unbowed party, is polling well enough in his fourth presidential bid to make a run-off election against another four-time candidate, Marine Le Pen of the far-right National Rally who is the frontrunner to become the next head of state of indebted France. The plan of Mélenchon if he wins the election in April to reduce France’s gross government debt from 118 per cent of GDP? To default. Mélenchon says he would take the bonds accumulated by the Banque de France during years of quantitative easing by the European Central Bank, and ‘throw them into the fire’. He claims this action would not be a default, an assertion rejected by central bankers, economists and, of consequence, bond investors.
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