France's Economy Is a Mess, Yet Investors Buy Its Bonds

In their desperation for yield, bond buyers zero in on French debt
Photograph by Bertrand Langlois/AP Photo

French President François Hollande called the financial-services industry his “greatest adversary” when he campaigned for the presidency last year. He’s now finding that the market is his only friend. One year into a five-year term, Hollande has found his popularity already at a record low, and his economic policies have drawn the ire of his own Socialist Party and other allies. France’s slump is deepening, and joblessness is at an all-time high.

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