We Have No More Money Left

The head of the French Central Bank, while opposing the Macron government's plan to provide fuel subsidies to the French, announced that the French treasury is empty.

News ID: 87554

Date: 12 March 2026 - 17:20

TEHRAN (Defapress) - According to the Anadolu Agency, the head of the French Central Bank, referring to the fluctuations in the oil market in the wake of Iran's regional grab and the blockade of the Strait of Hormuz by Iran's brave warriors, warned that the French government's possible plan to provide fuel subsidies to citizens would increase the country's public debt, saying: "We have no more money left."

On Thursday, in an RTL program, François Villeroy de Galhau, referring to the vulnerability of oil markets to developments in West Asia and the actions of some Western governments to manage it, stated: Any similar action by the French government to support citizens through fuel subsidies would have negative consequences for the French economy, which is currently facing high debt.

He used the phrase “we have no more money left,” emphasizing that the country’s public finances do not allow for new subsidies.

The head of the Bank of France added: “If we increase the budget deficit and debt further, this will lead to an increase in long-term interest rates (10 years and more) and, as a result, this means more pressure on the French people.

He considered the main solution to solving the energy crisis to be investing in the energy transition, not providing temporary state aid.

The ratio of French government debt to GDP is currently around 111.7 percent, which places the country, along with Italy, among the most indebted countries in the European Union. The requirement to reduce public debt is one of the main issues of disagreement between the government and the opposition in France.