France’s coming bond crisis is a test for Europe’s double standards

As Greek government bonds yield lower interest than France s, the Eurozone faces a critical test over whether European institutions will enforce fiscal rules consistently or protect politically influential member states, says Tim Focas If someone had told investors during the eurozone debt crisis of 2012 that Greece would one day borrow more cheaply than France, you would have put them in a straitjacket. Yet here we are at the back end of 2026, and French ten-year government bonds are yielding 4.9 per cent, against Greece s 4.36 per cent. The country once synonymous with sovereign bankruptcy is now being charged less to borrow than one of the European Union s founding powers. Welcome everyone, roll up roll up, and look to see the Eurozone s spectacular see through the looking-glass economy. But an Alice in Wonderland production this certainly is not. For anyone who was unlucky enough to have lived through the Greek debt crisis, this turning of the tables puts a ginormous elephant