Data from the French Ministry of Finance shows that as of the end of June 2026, France's central government fiscal deficit was approximately 107 billion euros, 14.4% higher than the government's budget plan. Meanwhile, Fitch has downgraded France's sovereign credit rating from AA− to A+, citing continuously rising debt burden, increased political uncertainty, and a lack of a credible path for fiscal consolidation. Analysts warn that if fiscal conditions do not improve in the second half of the year, France's total government deficit for the full year could reach approximately 8% of GDP, far exceeding the 3% ceiling set by the Maastricht Treaty. This could lead to a repricing of France's credit risk and have ripple effects across the entire Eurozone bond market.