France, Oct. 1 -- France will borrow €340 billion in 2027, some €28 billion more than this year, the government agency responsible for managing the country's debt announced on Tuesday, two days before the budget bill is due to be presented.

Agence France Tresor (AFT) said the record borrowing was needed to finance government spending and repay debt coming due.

French public debt stood at a record €3.596 trillion at the end of June, national statistics office Insee said the same day. That represents 119 percent of GDP, a ratio not seen since 1946 when France was rebuilding after World War II.

The government has already warned that it expects public debt to reach over 121 percent of GDP in 2027, more than double the Eur...