It might not be too bad with the new French President:

The markets are watching closely after France's downgraded credit-rating this year. But French 10-year bond yields fell to 2.87% on Friday, not seen since early October, suggesting the market jitters forecast by the right were not in evidence. Hollande's first legislation in an extraordinary parliament session n July will include a law on balancing the budget. He has promised to balance the books by 2017 and has said the budget deficit target of 3% of GDP for next year is sacrosanct. France has not balanced a budget in 30 years.

Key first moves in an extraordinary summer session of parliament will be to alter the French tax system, dismantling tax breaks for the rich and pushing up taxes for the wealthy. This is one of the cornerstones of Hollande's manifesto, which he says would pump money into what he calls necessary spending on France's under-performing schools.

http://www.guardian.co.uk/world/2012/may/06/francois-hollande-rescue-french-economy