Mélenchon Demands Debt Conversion and NATO Exit in New Presidential Bid

Jean-Luc Mélenchon has launched a formal challenge to Marine Le Pen by unveiling a radical economic platform in Le Bourget, north of Paris. The France Unbowed leader presented his full programme on Saturday, a day after the document was released online. His proposals center on halting France’s debt repayment to the European Central Bank and withdrawing the country from NATO.

The plan proposes converting French debt into a permanent, interest-free loan. This mechanism would free up capital for government spending, including raising the monthly minimum wage to 1,700 euros and lowering the retirement age to 60. Mélenchon also intends to renationalize specific economic sectors and impose a minimum two percent tax on billionaire wealth, alongside restoring the wealth tax.

Support for the LFI leader is growing as student-led protests that began in mid-September expand. These demonstrations now include groups frustrated by rising living costs and declining public services. Jacques Reland, a senior research fellow at the Global Policy Institute, described Mélenchon as the vote of the protesters. Reland cited the leader’s focus on wages, education funding, and welfare as key reasons for this alignment.

Critics argue the spending plans are unrealistic given France’s current budget deficit and debt levels. Prime Minister Sébastien Lecornu criticized the debt proposal in September, stating that borrowing money and deciding not to return it is essentially theft. Economists warn that ambitious spending could prompt investors to sell French government bonds, thereby increasing borrowing costs for the state.

The platform draws on Keynesian thought and left-wing interventionism. Beligh Nabli, a public law professor at UPEC-Paris XII, noted that while the emphasis on state intervention appears radical compared to contemporary politics, it aligns with historical social democracy. Nabli observed that the programme is distinctly non-centrist, a trait that serves as both an appeal and a challenge for victory.

Recent polls place Mélenchon as the leading figure in the left camp, with support ranging between 17.5 and 18 percent. He holds a substantial lead over center-left rival Raphaël Glucksmann. Other contenders include Fabien Roussel of the Communist Party, Marine Tondelier of the Greens, and independent François Ruffin. Smaller left-wing parties are currently weighing whether to back Mélenchon to strengthen their electoral chances.

Tensions persist regarding Mélenchon’s stance on the Middle East. He has refused to label Hamas a terrorist organization and has accused Israel of committing genocide in Gaza. This rhetoric has drawn accusations from some left-wing opponents that it fuels anti-Semitism, a claim Mélenchon rejects. Despite his popularity in the left camp, he trails Le Pen significantly in hypothetical run-off scenarios, where polls show her leading 70 percent to 30 percent.

Mélenchon, 75, faces a polarized reception as the campaign heats up. Right-wing opponents label him a radical, while former allies describe the party’s management as authoritarian. He remains the strongest contender on the left, seeking to unify fragmented opposition forces against the National Rally.