Overview

• The French Social Security deficit reached €15.3 billion in 2024, exceeding forecasts by €4.8 billion, and is projected to rise to €22.1 billion in 2025.
• The health branch accounts for 90% of the 2024 deficit, driven by persistent overspending relative to budgeted targets.
• The Cades, responsible for long-term debt management, has reached its borrowing limit, shifting the burden to Acoss, which relies on short-term capital markets.
• The Cour des Comptes warns that short-term borrowing may become unsustainable, risking a liquidity crisis as early as 2027.
• Prolonging or recharging the Cades would require complex legislative action, which remains uncertain under current political conditions.