France’s bond market is sending shockwaves through the Eurozone. The interest rate on French 10-year bonds has surpassed Greece’s, a reversal unthinkable during the 2011 debt crisis. Investors now see French debt as riskier than Greece’s—a striking red flag for Europe’s second-largest economy.

Despite the ECB's efforts to suppress borrowing costs, the widening gap between French and German bonds highlights deep economic vulnerabilities. With ballooning debt and stagnating growth, France appears to be the next flashpoint in Europe’s sovereign debt saga.

Is this the beginning of another Eurozone crisis?