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Notes -
Something like this. France has been cheating on its EU spending requirements for awhile, but using its intstitutional heft to evade consequences other states faced.
What matters more now is that while the French can pre-empt EU action, they can't force the market to not act against them. The fact that the markets have lowered the French bond rates to the level of Greece is part of the factor, since part of France's rational for avoiding restrictions was ability to maintain its debt, which is now fading.
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