Four key economies of the eurozone have already reached a point where interest payments are starting to consume the budget. The debt-to-GDP ratio in Italy is 139%, in France 118%, in Belgium 109%, and in Spain 100% as of the first quarter of 2026.
Italy is paying approximately 3.9% of its GDP in interest. In France, the interest rate has exceeded the defense budget. In Spain and Belgium, cheap, old debts are being written off, while new ones are being issued with higher yields. The debt is becoming unsustainable. There are no significant cuts in spending, no sustainable reforms of the pension system or the labor market. Only higher taxes, more regulations, and the same political class that promises the next growth plan. Real wages and pensions are collapsing due to inflation. The snowball effect is growing.
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Four key economies of the eurozone have already reached a point where interest payments are starting
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