French presidential candidates clash over 600bn debt cancellation plan at Paris business summit

Seven candidates for France’s 2027 presidential election faced business leaders on Thursday at the Medef employers’ federation annual seminar in Paris, defending their economic programs in a high-profile debate at Roland-Garros stadium.
The event, billed as a first major electoral test ahead of the vote, featured Marine Le Pen, Jean-Luc Mélenchon, Édouard Philippe, Gabriel Attal, Raphaël Glucksmann, Bruno Retailleau and Marine Tondelier. Medef president Patrick Martin framed the election as a turning point, warning it would determine “whether 2027 brings a recovery or a crisis” .
A flashpoint emerged over Mélenchon’s proposal to cancel 18% of France’s public debt—roughly €600 billion—held by the Bank of France. Mélenchon, a front-runner, argued the debt could be “chucked in the fire” to free up public spending, a stance backed by investment banker Matthieu Pigasse, who called it feasible without financial impact . Opponents swiftly condemned the idea. Édouard Philippe, candidate for the Horizons party, called it “very dangerous” and warned it would place France under “banking interdiction” . Economy Minister Roland Lescure dismissed it as “absolute nonsense” and illegal under Eurozone rules, stating it would destroy trust and trigger a financial crisis .
Le Pen outlined a €125 billion savings plan, while other candidates addressed taxation, regulation, and France’s €3.5 trillion public debt . The debate underscored economic concerns, with France’s 10-year debt interest rate exceeding 4.1%, the highest since the 2008 financial crisis .
Xavier Bertrand, president of the Hauts-de-France region, confirmed he would run as an independent, stating he would announce his candidacy “at the end of the year, not before” . Raphaël Glucksmann, a centrist MEP, secured support from Socialist lawmaker Boris Vallaud for a left-wing primary .
European Commission President Ursula von der Leyen also addressed the Medef conference, advocating for a competitiveness strategy centered on industry, investment, and economic autonomy. She cited Mario Draghi’s 2024 report and pledged to cut administrative burdens by 25% for businesses and 35% for SMEs by 2029 .
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![EN DIRECT, débat de la présidentielle 2027 : Edouard Philippe juge « très dangereu[se] » la proposition de Jean-Luc Mélenchon dannuler une partie de la dette française « Brûler la dette », comme le propose M. Mélenchon, mettra la France en « interdit bancaire », a alerté le candidat Horizons. Les sept candidats à lélection présidentielle sont interrogés jeudi par des chefs dentreprise sur leur programme économique, à loccasion des rencontres du Medef.](https://img.lemde.fr/2026/08/27/573/0/5250/2625/644/322/60/0/23e5898_ftp-1-tvy4pztebxkh-5931216-01-06.jpg)
