France’s 10-year government bond yield surged to 4.10% on August 18, marking the highest level since November 2008 when the global financial crisis was in full swing. The 2008 peak of 4.20% is now within striking distance.
The 30-year yield told an even more uncomfortable story, reaching 4.90% on the same day.
The numbers behind the squeeze
France’s public debt stood at 117% of GDP as of July 2026. To put that in perspective, the Maastricht Treaty that underpins the eurozone set a target of 60%. France is nearly double that threshold.
Treasury interest payments exceeded 6 billion euros in the first quarter of 2026, a 37% jump compared to the same period a year earlier.
