France's debt burden, often called a "phantom ministry" because it lacks a dedicated minister, offices, or unions, continues to rise without a clear strategy or arbitration process. According to the 2027 budget law press release, the total debt burden for all public administrations is expected to reach 91.2 billion euros in the coming year, up from 79.2 billion euros in 2026. The French Treasury Agency estimates that the State's share of this debt alone will be 72.9 billion euros in 2027, compared to 62.6 billion euros in 2026. This increase is greater than the budget for National Education, which is nearly 64 billion euros excluding pensions, and the Defense mission, expected to cost 63.4 billion euros in 2027. Interest payments on the State's debt are growing rapidly. A one-point increase in interest rates is projected to cost about 3 billion euros in the first year, 8 billion euros in the second, and 12 billion euros in the third. Since January, the average rate for medium- and long-term government borrowing has risen to 3.55%, compared to 3.14% in 2025. The State is expected to borrow 339.7 billion euros in 2027, reflecting the rising cost of financing its debt. Financial markets have already reacted to these developments. On October 1, the 10-year OAT (a type of French government bond) exceeded 4.8%, the highest level in more than fifteen years. This rate surpasses those of Italy and Greece, which were once considered high-risk European sovereign borrowers. By October 6, the interest rate gap between France and Germany had widened to over 125 basis points, highlighting concerns about France's financial stability. France's debt burden is expected to reach 121.7% of its GDP in 2027, with nearly 2.9 percentage points of the targeted 5% GDP deficit attributed to interest payments. As the presidential election approaches, candidates are likely to focus on funding for education, hospitals, or defense. However, none can promise a reduction in the debt burden, which has already been set by creditors. The key question for 2027 is not which ministry will be prioritized, but how long the so-called "phantom ministry" can continue to grow before no other ministry can afford to do so.