Jean-Luc Mélenchon, the veteran leftist from La France Insoumise running in France’s 2027 presidential contest, is calling for roughly €600 billion of French government bonds held by the Bank of France on behalf of the Eurosystem to be canceled. The securities represent about 18% of France’s public debt and were accumulated during years of European Central Bank quantitative easing. Mélenchon says writing them off would reduce the headline debt burden and create fiscal room without harming private creditors. France’s debt reached €3.536 trillion, or 117.5% of GDP, at the end of the first quarter of 2026, after rising €75.6 billion in one quarter. Interest payments are projected to exceed €77 billion this year, while about €310 billion must be raised to refinance maturing debt. Prime Minister Sébastien Lecornu and Economy Minister Roland Lescure have called the proposal a form of fraud and warned it could trigger a financial crisis, raise borrowing costs and push France closer to leaving the euro. Critics say canceling Eurosystem-held debt would constitute prohibited monetary financing, weaken the Bank of France and undermine market confidence. Olivier Blanchard has criticized the idea, while Matthieu Pigasse has proposed freezing the debt instead. The campaign account describes the presidential election as a 2027 contest while also scheduling it for late August 2026.