Is this how the great international borrowing spree ends?

In recent months, there have been serious whispers about an outrageous possibility: that one day soon, France — the seventh largest economy in the world — might not be able to pay back its debts. Right now, protesters in France are complaining about crumbling schools, the lack of teachers, and the overall high cost of living. But the government is struggling to find the money to address all the country’s problems.France is in a lot of debt. It has been borrowing record amounts of money. So have many other countries including the U.S., the U.K., Italy, Canada. For more than a decade, there has been an international borrowing spree going on. Now, as interest rates climb, that borrowing spree might have to come to an end. And the consequences could get ugly.Live Show: Planet Money Live at Kilkenomics. Kilkenny, Ireland Nov. 6th - 7thRead: Our book: Planet Money: A Guide to the Economic Forces That Shape Your Life Our weekly longform Planet Money newsletterOur weekly Indicator round-up newsletterFollow: InstagramTikTokYouTubeFacebookSupport public media with NPR+ and enjoy perks for over 25 podcasts like this one. This show’s perks include bonus episodes and sponsor-free listening. Learn more at plus.npr.org.This episode was hosted by Jeff Guo and Erika Beras. It was produced by Sam Yellowhorse Kesler and edited by Marianne McCune. It was fact-checked by Charlotte Isidore and Sierra Juarez. Jimmy Keeley and Travis Hagan engineered the show. Alex Goldmark is the executive producer of Planet Money.See pcm.adswizz.com for information about our collection and use of personal data for sponsorship and to manage your podcast sponsorship preferences.NPR Privacy Policy

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