High Prices, 160‑Point Spread, 5 November Mobilisation: The Week That Pulls France
High‑school blockades, the 5 November strike, an OAT‑Bund spread of 160 points, a postponed budget - this high‑cost week’s toll on the State and on your savings.
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The call comes from the inter-union CFDT, CGT, FO, Unsa and FSU, launched at the beginning of October. The CFE-CGC and the CFTC have since joined it. Sophie Binet promises on France 2 “a great day of convergence with private sector employees”. She also calls for “a review of the government’s draft budget which, as it stands, is catastrophic for the country”. For its part, Sud Radio summarizes the demands in four points. These are rising wages, preserved public services, protected employment and a better distribution of wealth.
The high school students did not wait. Ryad Rani, president of the High School Union, first called for general assemblies on Monday, November 2. He then called for blockades of high schools “Tuesday, Wednesday, Thursday, Friday and as many as necessary”. On Saturday October 31, Act III of the convergence of struggles brought together 320,000 people according to Interior. The youth inter-union claims 500,000. Two weeks earlier, the day of October 17 ended in looting in Paris and Lyon. Demonstrators also entered the hall of Marseille town hall. Sébastien Lecornu announced 1,200 arrests the same evening, then a toll of 1,800 the next day. Finally, the yellow vests are already promising a “six seven”, Friday November 6 and Saturday November 7.
The bond market voted before anyone else. The spread between the French OAT and the ten-year German Bund reached 159.9 basis points on November 2. According to data compiled by Ideal-Investisseur, it was only 102 points on September 22. The peak of 174.6 points dates from October 22, the day the OAT closed at 5.13%. France had not paid this price since July 2002.
This gap has a concrete cost. Emmanuel Moulin, governor of the Bank of France, judged on France Inter on October 7 that “the situation is serious”. Indeed, the finance bill puts the State's interest expense at 91.2 billion euros in 2027. This is 12 billion more than in 2026 (79.2 billion). This amount represents almost 90% of net income tax revenue.
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- Journal du Coin3 Nov, 08:30
| Publisher Journal du Coin (general tier) | +72 |
| Checkable figures cited | +3 |
| Detailed summary | +2 |
| Total | 77 |
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