# French debt crisis: Jacques Attali warns of a potential spiral - Original post: https://www.twitter.com/i/status/2107884737939296303 - Source account: [@Cdanslair](https://x.com/Cdanslair) - Source language: French - Target language: English - Duration: 4:10 - Published: 2026-10-08 - Machine translated. Check the original before quoting. - Canonical URL: https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral - Original-language version: https://www.translate.mom/transcript/DvUonbJHdwEP/fr/dette-fran%C3%A7aise-jacques-attali-alerte-sur-le-risque-d-une-crise.md ## Transcript [0:00](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral) The tide is rising. As long as it rises in a manageable way, it's no big deal. [0:04](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=4) But today, the tide is rising in a way that's becoming totally unbearable. In other words, we're reaching the point where it becomes uncontrollable. There's a point where debt remains manageable, then a point where it spirals out of control. [0:17](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=17) And it spirals out of control when it creates the conditions to increase continuously, and we no longer have the means to stop that growth. [0:25](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=25) And it spirals out of control, Jacques Attali, because French borrowing rates are soaring. Is that what we're hearing? [0:32](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=32) They are indeed spiraling due to a series of circumstances. [0:35](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=35) They're spiraling because we have a primary deficit, that is, excluding debt servicing, we're in deficit, which virtually no country in Europe is anymore, except us. And so we have no money to repay the debt servicing. Because debt servicing is getting higher and higher, because [0:49](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=49) interest rates are rising and because our growth is getting weaker and weaker. [0:52](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=52) So, the triangle of interest rates, debt servicing and growth rates is in a situation of a dreadful configuration. [1:02](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=62) Yes, but we are France. That's what I'm told when I raise this question with certain political leaders, who tell me, yes, fine, except that, basically, we're a pillar of the euro. There's the European Central Bank. [1:14](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=74) None of our partners has any interest in seeing France go to carpet. So basically, because we are France, people will continue to lend to us and there is no immediate danger. [1:25](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=85) That is indeed both our good fortune and our curse. [1:28](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=88) It is our good fortune because we are a very great country, very rich in itself. [1:31](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=91) It is our curse because we believe in that. [1:34](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=94) And it is like the man falling from the sixtieth floor to the first floor, everything is fine. That is where we are. Uh, but they will let us fall. [1:42](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=102) Who will let us fall? Everyone. Because look, if, at some point, we need help, uh, the Monetary Fund, when it had to help Greece, did not have the money to help Greece. It had to seek money from Japan and Asian countries. Greece is one-tenth the size of France. [1:58](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=118) So the Monetary Fund will not be able to. [2:01](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=121) The European Central Bank could, if Germany gives the green light for the Central Bank to help us and for the Central Bank to help us with Germany's approval, there will have to be horrendous conditions more and more. [2:17](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=137) Horrendous conditions? Meaning, all the reforms we haven't implemented before, we'll have to implement them now, is that it? [2:21](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=141) Even more. It will be even stricter. Uh, Germany will demand a number of things that will allow it either to benefit greatly at our expense, or put us in a position where Germany will be so worried about what will happen that it will say, "I'm out." [2:39](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=159) And I'd rather do nothing because if I let it happen, it's my own currency that will collapse. [2:46](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=166) And so, I would prefer France to leave or for it to see its crisis through to the end. [2:50](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=170) It is not impossible that Germany, especially if Germany moves toward the far right, might think that. The reforms we ought to make, the ones we would have to make in the event of an extreme crisis... [3:00](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=180) That's called austerity. Far more than that. Not only will we have to do what we should have done for a long time, that is, stop raising pensions and cut them. [3:09](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=189) Not only will we have to make a great many small cuts. [3:12](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=192) That's not what the candidates are proposing, particularly Madame Le Pen's bogus platform. [3:16](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=196) We'll talk about it. Which is... But we'll have to go much further. [3:21](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=201) We'll have to raise the retirement age to sixty-six, sixty-seven, just... [3:24](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=204) Next. We'll have to cut pensions by twenty percent. [3:27](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=207) And the final step they'll ask of us, I say this because people need to, French people need to realize, what they'll ask of us, they'll say: Listen, you have very substantial savings. French people, don't worry, you have a lot of savings. So, a forced loan. You'll be required to lend. It's no big deal. You'll lend at three percent to [3:44](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=224) the government, it's no big deal. So, French people will say it's no big deal. [3:48](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=228) Then, in four or five years, they'll forget to repay us that loan. A forced loan always ends in a tax. [3:55](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=235) A forced loan always ends in a tax. So what should worry French people is that it could end with a raid on French people's savings. [4:03](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=243) That's what you're telling us, Jacques Attali. [4:04](https://www.translate.mom/transcript/DvUonbJHdwEP/en/french-debt-crisis-jacques-attali-warns-of-a-potential-spiral?t=244) That's what happened in Greece, that's what happened in Portugal, This is what happened in all the countries that took time to react.