France, July 15 -- French Prime Minister Francois Bayrou presents the highly anticipated 2026 budget to parliament on Tuesday, outlining plans to find €40 billion in spending cuts and tax hikes. Whatever form the measures take they will be unpopular and risk bringing down the government.

France's public debt - the total amount it owes - has soared to around €3.3 trillion, and it will pay out €67 billion on interest payments alone this year.

The country's budget deficit meanwhile remains stubbornly high at about 6 percent of GDP in 2024.

The government aims to reduce the deficit to 4.6 percent by 2026, to edge nearer to the EU's ceiling of 3 percent.

Reaching those goals means France has to find at least €40 bil...