Bond Investors Fret That France Budget Relief Is Just a Blip

France’s progress this year in reining in its budget deficit has failed to impress some bond investors, who say the risk of fiscal deterioration has just been pushed down the road.

French bonds have rallied as Prime Minister Sebastien Lecornu survived no-confidence votes from opposition parties unhappy with his taxing and spending plan. The budget, which aims to bring the deficit down to 5% of gross domestic product, is on a path to approval.