Carmignac sees French banks as a "first line of defense" to buy government debt

FinanceInternationalCinco DíasNov 12, 2026, 11:25 PMAI summary

Raphaël Gallardo, chief economist at Carmignac, believes pressure on French government debt will keep rising due to political deadlock and the lack of fiscal adjustment. As remedies to buy time he points to a government call for French banks and insurers to buy sovereign bonds, for which they have room, and the ECB reinvesting maturing French debt. He places the optimal level for ECB intervention at between 200 and 300 basis points of risk premium.

In 40 seconds

Gallardo believes the French risk premium will keep rising due to the country's economic and political deterioration
He expects French banks and insurers to buy sovereign debt: they are underweight and have room to buy
He sees little chance of the TPI being used for France because he considers it a case of bad policies

Read the full story at Cinco Días

IASummary generated by artificial intelligence from a story by Cinco Días. It may contain errors: the original source prevails.

deuda pública
Francia
BCE
prima de riesgo
Carmignac

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Carmignac sees French banks as a "first line of defense" to buy government debt

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