French Prime Minister François Bayrou has unveiled a sweeping budget plan that includes scrapping two public holidays—Easter Monday and 8 May, which marks Victory in Europe Day—to tackle the country’s growing debt crisis.
French Prime Minister François Bayrou has warned lawmakers that France faces a “mortal danger” as public debt grows by about €5,000 every second. He criticised the many public holidays in May, saying they harm economic productivity, and urged the nation to work harder to stabilise finances.
Bayrou’s plan is part of a wider effort to reduce public spending by nearly €44 billion. It includes cutting two public holidays—Easter Monday and 8 May—freezing public sector hiring, removing tax breaks for pensioners and businesses, and introducing a new tax on the wealthiest. At the same time, defence spending will increase by €3.5 billion in 2026 and another €3 billion in 2027, following President Emmanuel Macron’s call to strengthen national security amid global challenges.
France’s budget deficit reached 5.8% of GDP in 2024, exceeding the EU’s 3% limit. The government aims to reduce it to 4.6% next year and meet the EU target by 2029.
The holiday cuts have drawn strong criticism. The far-right National Rally condemned the move as an attack on French history and workers. Left-wing parties and unions argue it threatens social rights and national heritage.
Bayrou’s government is fragile, with a divided parliament and the threat of a no-confidence vote this autumn. If the budget fails to pass, President Macron may have to appoint a technocratic government or face political deadlock.
Despite opposition, Bayrou insists the reforms are needed to avoid a financial crisis such as Greece’s long austerity period.
“We still have time, but urgent action is needed,” he said.
The budget will be debated in parliament in the coming months, with Bayrou’s political future uncertain.
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European Union Foreign Policy Chief Kaja Kallas has said the bloc is unlikely to reach agreement on a new package of sanctions against Russia at Monday’s meeting of EU foreign ministers, as continued Hungarian opposition keeps consensus out of reach.
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