Le Pen Unveils €140 Billion Savings Plan

Marine Le Pen, the front-runner in the French presidential race, has unveiled a plan to save €140 billion by 2032. She warned that without change, France is heading towards default on its debt.

Le Pen's plan includes cutting €19.5 billion from France's EU contributions, which is likely to spark a showdown with Brussels. Her party's counter-budget proposal for 2027 also includes an €11.1 billion cut in France's gross contribution to the EU.

Jean-Philippe Tanguy, a National Rally lawmaker, said the party would push for a fundamental rethink of EU priorities rather than just renegotiating the country's annual contribution. He cited EU foreign policy initiatives and pre-accession programs as areas for potential cuts.

Le Pen's plan is an attempt to cast herself as a responsible steward of the French economy, as the country's debt continues to pile up and growth stagnates. She has promised to bring France's public deficit back to below the EU limit of 3% of GDP by 2030.

The French government forecasts a national debt of 5.4% this year, despite the EU setting a 3% limit for member states. Le Pen has criticized successive governments for failing to anticipate economic and financial challenges, and has vowed to introduce a budget 'golden rule' to reduce debt annually.

Le Pen's ally, Jordan Bardella, has denied allegations of making antisemitic comments, which have been made against him. He accused those making the allegations of trying to dig up dirt on him.

The announcement is part of Le Pen's presidential campaign, as she seeks to reassure markets about France's fiscal outlook. She has promised to lower the retirement age to 62, or even 60, while also making significant cost savings.