---
title: "😱 The shocking chart of the day: The 5Y yield of Greek government bonds is now BELOW (!!!) the French ones 😱"
description: "🔊 French Prime Minister Michel Barnier announced his new government on Saturday, ending months of political uncertainty after snap elections left the country with a hung parliament. The new cabinet takes a noticeable shift to the right. But this announcement does not seem to convince markets. \n\n🚨 Indeed, for the first time since 2007, the yield on French 10-year government bonds (2.95%) exceeded that of Spanish and Portuguese bonds. And for the first time ever, the French OAT 5Y yield is now ABOVE the 5y Greek government bonds yield. Meanwhile, the spread with the German Bund has widened to 82bps (vs. 50 at the beginning of June), and the risk of political instability accentuates this trend. \n\n🔔 These are clear signals that markets doubt the French government's ability to reduce its public deficit. The latter stands at 5.5% of GDP in 2023, well above the EU's target of 3% by 2027.\n\n⚠ France is just unable to convince and reassure people of its ability to maintain a budget and a sustainable financial situation in the medium to \nlong term.\n\nSource: Bloomberg"
---

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# [😱 The shocking chart of the day: The 5Y yield of Greek government bonds is now BELOW (!!!) the French ones 😱](https://blog.syzgroup.com/syz-the-moment/😱-the-shocking-chart-of-the-day-the-5y-yield-of-greek-government-bonds-is-now-below-)

 Written by [Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau) | Sep 26, 2024, 2:18:02 PM

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