The economic crisis plunges the accounts in the red and, by the only fact of the Covid-19, the French public debt increased by 200 billion euros in 2020. The financial catastrophe was avoided because this debt was subscribed in fine , admittedly indirectly, by the European Central Bank jointly with the Banque de France.
Insofar as central banks are the property of states, would it not be possible to cancel such debt?
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Is it possible to cancel Covid debt without harming creditors?
The idea is appealing.
"
We are not going to have austerity plans ad vitam aeternam to repay a debt in which we have no responsibility, neither moral, nor political, nor economic
", proclaims Arnaud Montebourg, the former Minister of the Economy .
Austerity would mean both cuts in public spending and even more tax increases.
This is the message of the supporters of the cancellation and in particular of the manifesto published last week by a hundred European economists, half of them French.
Thomas Piketty,
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