Does Sandrine Rousseau really want to dip into the savings of the French to repay the public debt?

The Green Party representative does not want to requisition the savings of the French, but wants to encourage citizens to invest in public debt, particularly through the purchase of government bonds.

The excerpt, more than three months old, was unearthed in the middle of the campaign for the second round of early legislative elections and has been stirring up social media ever since. Invited to Boursorama’s “Ecorama” show on April 2, Green MP Sandrine Rousseau discussed the problem of France’s debt and the savings of the French. “France is one of the countries where there are savings that would allow us to regain control of our debt.”she explains.

These comments scandalized Internet users. “Sandrine Rousseau wants to confiscate the savings of the French to repay the public debt”one of them is offended. on the social network X. The political class, too, did not fail to seize on this sequence to attack the program of the New Popular Front. Marine Le Pen, re-elected as a deputy in the first round, just like Sandrine Rousseau, reacted to the excerpt on X.

“The French who work and have saved all their lives to build up a small savings will be mercilessly taxed if the far-left coalition and Jean-Luc Mélenchon come to power next Sunday”claims the far-right leader. But does Sandrine Rousseau really want to repay the debt by dipping into the savings of the French?

In the program “Ecorama”, Sandrine Rousseau is questioned on the problem of the French debt. According to the Insee, the public debt stood at 3,159.7 billion euros at the end of the first quarter. The ecologist MP is worried that the French debt is “largely foreign-owned”According to the Banque de France, at the end of 2023, 53.2% of holders of French debt did not reside in France.

Contacted by franceinfo, the Agence France Trésor, responsible for managing the State’s debt and cash flow, nevertheless believes that it remains difficult to know precisely who holds French public debt, due to the speed of exchanges of debt securities. “There are more than 10 billion euros of debt securities traded daily on the markets”explains the agency.

“Debt is a collective issue. We should know who owns it and who controls it,” believes the elected official. For her, the savings of the French would therefore be the solution.

Contacted by franceinfo, Sandrine Rousseau explained her comments. “In Japan, most of the debt is held by the inhabitants, one could imagine that this would be the case in Franceexplains the elected official. This would allow us to regain debt sovereignty.” To do this, the French would have to be encouraged to invest in debt. But it would not be a question of using the savings of the French to repay it, assures Sandrine Rousseau.

To finance itself, the State goes into debt by borrowing money on the financial markets. However, it is possible for individuals to buy “loans issued by the French Republic and which benefit from the credit and signature of the State”as specified on the Agence France Trésor website. These Treasury bonds (OAT) are also “transferable on the stock exchange at any time at market price”Some savings products, such as life insurance, also allow you to invest your money in government bonds.

“Directing savings (and not confiscating them) is essential”insisted Sandrine Rousseau on X. For the MP, encouraging the French to invest in these OATs would not only finance the French debt, but also limit the environmental impact of savings. “Money does not sleep in safes and investments are a major source of CO2”she assured.

According to Oxfam France, by providing financial support to companies, projects, individuals or States, banks are responsible for greenhouse gas emissions. “The carbon footprint of the major French banks represents almost eight times the greenhouse gas emissions of the whole of France”denounces the NGO.

The French Banking Federation, for its part, argued in April that “French banks are resolutely committed to the fight against climate change” And “are increasingly massively financing the transition projects of their clients, companies or individuals”.