🚨 France is now borrowing at more than 4% over 10 years, Germany at 3.20%, and the United States at 4.70%.

Levels unseen for over 15 years. Here’s why this is a real problem for the economy 👇
1/ A borrowing rate is the price a government pays to finance itself in the markets.
The more lenders doubt its solvency, the higher the return they demand to compensate for the risk. Inflation, instability, debt: everything weighs on it.
2/ Why is it rising everywhere in 2026?
- The price of oil is highly volatile amid twists in the conflict in the Middle East
- ECB raising its policy rates to 2.25%
- End of massive debt buybacks by central banks
- US 30-year yield at 5.18%, highest since April 2006
3/ The real danger: the snowball effect.
France has all 4 aggravating factors:
- Borrowing rates at 4%
- Debt at 115% of GDP
- Growth under 1%
- No monetary leverage (the euro does not depend on one country, but on dozens of states)
- States’ shrinking fiscal room
- Companies postponing their investments
In the United States, mortgage credit is at 6.85% over 30 years
4/ The consequences are already being felt. More expensive mortgage loans, companies postponing their investments, and the state’s fiscal room shrinking.
The Banque de France is forecasting only 0.5% growth in 2026. Far too little to absorb the burden of debt.
5/ That leaves the question of crypto. When government bonds yield 4% to 5% with little or no risk, some capital mechanically leaves riskier assets.
Bitcoin (BTC) is trading around $65,000, nearly 50% less than its October 2025 peak.
However, if distrust in sovereign debt really takes hold, gold and BTC could nevertheless become safe havens again.