The inevitable is at last beginning to dawn on Emmanuel Macron. The extravagant spending spree initiated after the violent and year-long 2018 ‘gilets jaunes’ protests will have to be reversed.

With the coffers empty, France is not only at the mercy of international finance, she is now highly vulnerable to the next social or political crisis

Overgenerous Covid and energy subsidies are expected to push the budget deficit to 4.9