Austerity is what got France in this mess in the first place + the Euro.
This movie has already happened in Greece.
Greece's former finance minister Yanis Varoufakis on the European economic policy during the Euro crisis:
"When I met Christine Lagarde for the first time — she was the managing director of the International Monetary Fund at the time, before she moved over to the presidency of the European Central Bank — she astounded me, because she was extremely sympathetic to my analysis of what had gone wrong and why the austerity programs could not work.
She said, “Of course, Yanis, they cannot work — you’re right.” She actually criticized me from a position to the left of my own thinking because she said that I was being too modest and too moderate in what I was demanding on behalf of my people.
However, she then added immediately, “But Yanis, you have to understand that we have put a lot of political capital into this program, and your career and mine both depend on going along with it.” "
On the Euro: “Look, we created the euro in a terrible way. The architecture was as if we had designed it in order to fail. It was clear from the very beginning. Think about it. We created a central bank for twenty countries. The central bank didn’t have a treasury, and there were twenty treasuries that didn’t have a central bank.”
https://www.yanisvaroufakis.eu/2025/07/12/jacobins-on-the-le...