France's finances are in turmoil. Here's how it came to this

France's finances and politics are in turmoil. President Emmanuel Macron has just appointed his fourth prime minister in 12 months, the deficit is out of control, borrowing costs are rising and parliament can’t muster a majority to tackle spending.

It's a serious comedown for a major industrial power that has the second-largest economy in Europe.

Here's how France found itself in this state of affairs:

First the pandemic, then an energy crisis

France last balanced its budget in 1973, and maintained a generous welfare state with strong worker protections. That worked for years so long as solid economic growth swept tax revenue into government coffers and kept deficits from getting out of hand. First as economy minister and then from 2017 as president, Macron took steps to improve grow