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The budget deficit figure is static, but the situation in Iran is dynamic; the latter is the real variable.
1. France's projected budget deficit for 2026 is 5.1%, and Germany's is 3.7%.
2. The overall budget deficit for the Eurozone in 2026 is expected to be 3.3%, the same as previous forecasts.
3. The Iran conflict has triggered an energy shock, reigniting inflation and shaking market sentiment.