A look at France’s public debt as economy takes center stage in French election

PARIS -- France’s public debt has climbed to a record during the two terms of President Emmanuel Macron, unsettling investors and emerging as a defining issue ahead of next year’s presidential election.With France already gripped by deep social tensions, the candidates vying to succeed Macron are under pressure to explain how they would bring the debt under control. It now stands at 119% of gross domestic product, leaving the country’s strained public finances likely to dominate the campaign.Prime Minister Sebastien Lecornu, who is to unveil the 2027 draft budget on Thursday, wants his government to reduce the country’s deficit by cutting public spending. That idea has drawn widespread criticism across the political spectrum. One idea to fix the debt has been particularly scrutinized. The radical-left presidential candidate Jean-Luc Melenchon has proposed canceling French government bonds held by the European Central Bank to unlock money for public spending, claiming it would free up funds for investment. Others on the right argue that Melenchon’s proposal is unrealistic, with far-right leader Marine Le Pen calling for reforms to “clean up” public finances. “Freezing this debt mean...