随着高赤字、不断攀升的债务以及学生抗议加剧了财政整顿的政治代价，法国议会于周二开始就2027年预算展开辩论。
France's parliament begins debate on the 2027 budget Tuesday as high deficits, rising debt and student protests sharpen the political cost of fiscal consolidation.
许多市场观察人士指出，除非欧元区第二大经济体可持续地降低其国家赤字，否则正朝着债务危机狂奔，并有把整个欧洲大陆一同拖入泥潭的风险。
The euro zone's second-biggest economy is barreling toward a debt crisis, and risks dragging the continent down with it, unless it sustainably brings down its national deficit, according to many market watchers.
尽管成千上万的人走上街头抗议多年来公共服务资金不足（特别是教育领域），但在总统埃马纽埃尔·马克龙的领导下，法国近十年来一直是欧洲赤字占GDP比例最高的国家之一。
Even as thousands take to the streets to protest years of underfunding in public services, particularly education, France has run one of Europe's highest deficit-to-GDP ratios for nearly a decade under President Emmanuel Macron.
在社会保障（特别是养老金和医疗保健）这一政治敏感领域，政府支出依然远高于同行，而温和的经济增长未能对此进行弥补。
Government spending remains well above its peers in the politically sensitive realm of social protections, particularly pensions and healthcare, while tepid economic growth has failed to compensate.
随着明年总统大选的临近以及议员们不愿妥协，法国的经济和政治不确定性正在对欧元构成压力。
With presidential elections looming next year and parliamentarians proving reluctant to compromise, France's economic and political uncertainty is weighing on the euro.
由于紧张的债券市场对该国未能实施财政整顿做出反应，法国政府的借贷成本已飙升至近四分之一个世纪以来的最高水平。
French government borrowing costs have soared to their highest level in nearly a quarter of a century as jittery bond markets have responded to the country's failure to impose fiscal consolidation.
法国国债收益率与德国国债收益率之间的差距不断扩大，引发了人们的疑问：欧洲中央银行是否将不得不采取干预以稳定市场的昂贵且在政治上具争议的步骤。虽然这可以阻止令货币联盟解体的恐慌，但曾沉重打击希腊、爱尔兰、葡萄牙、西班牙和意大利等国的主权债务危机的遗留问题意味着，这将需要法国采取激进的行动。
The widening gap in French bond yields over their German equivalents has raised questions over whether the European Central Bank would have to take the expensive and politically controversial step of intervening to stabilize the market. While this could halt a panic that fragments the currency union, the legacy of the Sovereign Debt Crisis — which hammered countries such as Greece, Ireland, Portugal, Spain and Italy — means it would require drastic action from France.
欧洲工商管理学院经济学教授安东尼奥·法塔斯表示：“欧洲央行不会仅仅为了‘救助’法国而介入。如果出现欧洲危机，他们会以某种形式进行干预，但他们不会拯救一个无法自救的国家。”这些图表展示了法国面临的挑战。
"The ECB will not step in just to 'bail out' France. If there was a European crisis they will intervene in some form but they will not save a country that cannot save itself," Antonio Fatas, professor of Economics at INSEAD Business School, said by These charts show France's challenge.