It's high time to tax cannabis and fix French finances

France might not be broke, but the state of its public finances is, well, definitely not good. Total debt stands at €3.2tn ($3.4tn) - 112% of GDP. Interest payments on that debt are the second largest public expenditure after education (which includes everything from crêche, or preschool, to universities) and are higher than the amount spent on defence. And this year's budget deficit is projected to be 6%, three points above the EU's 3% limit.

- Alexander Hurst

If it weren't for the euro, France might very well be in the throes of a fiscal crisis - as it is, interest rates on some French debt are higher than for Portugal or Spain.

In response, the prime minister, Michel Barnier, has proposed €20bn of tax rises (on large companies and the wealthiest 0.3% of households) and €40bn of spending cuts. Yet, with both Marine Le Pen's National Rally (RN) and the leftwing New Popular Front (NFP) opposed to different components of Barnier's upcoming budget, now having tried to push the bill through parliament, the PM faces a no confidence motion.

I'm not necessarily in agreement with Barnier, but given his current situation, I would sympathise with him if he were to throw up his hands, sprawl on a couch, light up a joint, and skip work. This actually raises a relevant question: why not legalise cannabis and tax it in order to save money on law enforcement and to raise money in taxes for government coffers?