PARIS, Oct 10 — French government bonds have become the bane of investors on fears that officials are unwilling or unable to rein in spending that far outstrips its revenue.

A volatile political context is exacerbating those worries ahead of next spring’s presidential election, when the eurosceptic far right is widely seen as having a solid shot at victory.

Before then the current government appears hamstrung, with no parliamentary majority to push through major spending cuts since President Emmanuel Macron’s ill-fated move to dissolve parliament in 2024.

The clouded outlook has fund managers demanding higher returns for lending to France, resulting in a surge in borrowing costs that could spiral into a full-blown debt crisis — with consequences that ripple across the eurozone.