What France needs right now is higher yields, not lower ones. Fiscal reforms and expenditure cuts will always be unpopular. Only a sense of crisis will unite the country behind what is necessary. Rising yields will help those in France who want to do the right thing. That's good.

Macron can't fire Lagarde let alone Meloni or politicians in Portugal or Ireland (who have adjusted). Greece had a tough medicine to swallow but they are really making serious progress. Even if you forget the rosy projections (in red) the data stays. That's the right trajectory (in Green) Bonds raiders don't short that. Why? Not because the debt to GDP is low, (it's high) BUT because the gov and the country are taking the medicine.

@GraphCall @robin_j_brooks "tough medicine" ... lol you mean wiping out 1/3 of their gdp, fomenting the emigration of tens of thousands of people and inducing suicides? why? modern day bloodletting; would be absolutely hilarious if it didnt mean people die from stupid beliefs like this

@GraphCall @robin_j_brooks Greece is a small state whose debt has been purchased and sterilized by the ECB—that is, the other member states. This can't happen to France, which has a primary and trade deficit. It should leave the euro and devalue. It can't do that; the euro is the perfect Roach Motel.