MacroVoices · Thursday, October 22, 2026
GavCal founder Louis-Vincent Gav argued that France is experiencing an emerging market-style debt crisis driven by a divided parliament, a 5% GDP budget deficit, zero capacity to raise taxes further, and a majority of debt owned by foreign entities.
“France has essentially started what looks and feels like a typical emerging market debt crisis, to be honest.”
“The reality is like an emerging market, France has issued a bunch of debt in a currency that we can't print, that we depend on other people to print the money to bind us over at this stage.”