{"id":115848,"date":"2026-10-22T13:14:07","date_gmt":"2026-10-22T11:14:07","guid":{"rendered":"https:\/\/legrandcontinent.eu\/es\/?p=115848"},"modified":"2026-10-22T13:14:12","modified_gmt":"2026-10-22T11:14:12","slug":"la-crisis-francesa-de-la-deuda-se-agrava","status":"publish","type":"post","link":"https:\/\/legrandcontinent.eu\/es\/2026\/10\/22\/la-crisis-francesa-de-la-deuda-se-agrava\/","title":{"rendered":"La crisis de la deuda francesa se agrava"},"content":{"rendered":"\n<p>Ayer, mi\u00e9rcoles 21 de octubre, el tipo de inter\u00e9s exigido por los operadores de los mercados financieros para los t\u00edtulos de deuda p\u00fablica francesa a 10 a\u00f1os super\u00f3 el 5% anual por primera vez desde julio de 2002, unos meses despu\u00e9s de la puesta en circulaci\u00f3n del euro.<\/p>\n\n\n\n<p>Hoy, con un tipo cercano al 5,1%, esta tasa supera la exigida para financiar la deuda estadounidense, algo que no ocurr\u00eda desde 2013.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Al mismo tiempo, el diferencial \u2014es decir, la diferencia entre los tipos de inter\u00e9s a 10 a\u00f1os de la deuda francesa y la alemana\u2014 supera los 170 puntos b\u00e1sicos, lo que equivale a 1,7 puntos porcentuales.<\/li>\n\n\n\n<li>Se trata de un nivel que no se registraba desde noviembre de 2011, en el momento \u00e1lgido de la crisis de la zona del euro.<\/li>\n<\/ul>\n\n\n\n<div class=\"iframe-container wp-block-image wp-block-image-medium  iframe-dw\">\n\t<div>\n\t\t<iframe class=\"absolute w-full h-full pin-t pin-l\" title=\"titolo\" aria-label=\"Interactive line chart\" src=\"\/\/datawrapper.dwcdn.net\/UbNmO\/\" scrolling=\"no\" frameborder=\"0\"><\/iframe>\n\t<\/div>\n<\/div>\n\n\n\n<p>Francia tambi\u00e9n se financia ahora a un tipo de inter\u00e9s superior en aproximadamente 1 punto porcentual al de Espa\u00f1a y en unos 0,5 puntos al de Italia, cuya deuda es, sin embargo, mayor en relaci\u00f3n con su PIB. Al ritmo actual, y seg\u00fan los <a href=\"https:\/\/legrandcontinent.eu\/es\/2026\/10\/13\/al-ritmo-actual-francia-seria-el-pais-mas-endeudado-de-la-union\/\">c\u00e1lculos<\/a> de la revista, Francia podr\u00eda superar a Grecia en t\u00e9rminos de deuda en relaci\u00f3n con el PIB ya en 2028 o 2029, y a Italia entre 2033 y 2040, convirti\u00e9ndose as\u00ed en el pa\u00eds m\u00e1s endeudado de la Uni\u00f3n en un plazo de siete a\u00f1os.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>El diferencial mide la prima de riesgo que los agentes financieros asocian a la deuda francesa en comparaci\u00f3n con la deuda alemana. Refleja, en particular, el riesgo que perciben de no recibir el reembolso en la fecha prevista por los bonos que poseen.<\/li>\n\n\n\n<li>Debido a la grave <a href=\"https:\/\/legrandcontinent.eu\/es\/2026\/10\/22\/manifestaciones-la-tentacion-de-la-ingerencia-extranjera\/\">crisis<\/a> social y pol\u00edtica que atraviesa el pa\u00eds y a la falta de perspectivas de una soluci\u00f3n cre\u00edble a corto plazo, estos actores consideran que este riesgo va en aumento, y la desconfianza hacia la deuda p\u00fablica francesa crece r\u00e1pidamente.<\/li>\n\n\n\n<li>Por ello, la perspectiva de una grave crisis financiera incluso antes de las elecciones presidenciales \u2014cuya primera vuelta se celebrar\u00e1 el 18 de abril de 2027\u2014 se acerca a pasos agigantados.<\/li>\n<\/ul>\n\n\n\n<div class=\"iframe-container wp-block-image wp-block-image-medium  iframe-dw\">\n\t<div>\n\t\t<iframe class=\"absolute w-full h-full pin-t pin-l\" title=\"titolo\" aria-label=\"Interactive line chart\" src=\"\/\/datawrapper.dwcdn.net\/oqMUn\/\" scrolling=\"no\" frameborder=\"0\"><\/iframe>\n\t<\/div>\n<\/div>\n\n\n\n<p>La desconfianza genera m\u00e1s desconfianza, y el empeoramiento de las condiciones crediticias que sufre la deuda francesa aumenta autom\u00e1ticamente la carga de la deuda, lo que a su vez incrementa el riesgo de impago. Existe el riesgo de que se desencadene una espiral que se autoalimenta y que solo una intervenci\u00f3n masiva del BCE, o incluso del FMI, podr\u00eda interrumpir.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Francia, la segunda potencia econ\u00f3mica y demogr\u00e1fica de la Uni\u00f3n Europea, no es, sin embargo, Grecia.<\/li>\n\n\n\n<li>Un rescate financiero de Francia supondr\u00eda para la zona del euro y para la Uni\u00f3n un reto pol\u00edtico y econ\u00f3mico de una magnitud totalmente diferente.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>El diferencial entre los tipos de inter\u00e9s de los pr\u00e9stamos franceses y alemanes se encuentra en su nivel m\u00e1s alto desde 2011<\/p>\n","protected":false},"author":2622,"featured_media":115841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"templates\/post-briefings.php","format":"standard","meta":{"_acf_changed":true,"_trash_the_other_posts":false,"_yoast_wpseo_estimated-reading-time-minutes":3,"_lgc_tts_source":"","footnotes":""},"categories":[5],"tags":[],"staff":[966],"editorial_format":[1472],"serie":[],"audience":[],"geo":[177],"class_list":["post-115848","post","type-post","status-publish","format-standard","hentry","category-economia","staff-guillaume-duval","editorial_format-analisis","geo-europa"],"acf":{"open_in_webview":false,"accent":"default","_thumbnail_id":115841,"excerpt":"El diferencial entre los tipos de inter\u00e9s de los pr\u00e9stamos franceses y alemanes se encuentra en su nivel m\u00e1s alto desde 2011","display_date":"","new_abstract":true},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - 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