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The yield on France’s benchmark 10-year government bond briefly crossed the 5% threshold for the first time since 2002 on Wednesday, as the country grapples with multiple crises.

Mass civil unrest resulted in a swathe of violent protests and rioting over the weekend, amid broad public dissatisfaction. Meanwhile, the French government is struggling to pass a federal budget through a divided parliament as market pressure for significant fiscal consolidation mounts in response to a swelling national debt and wide deficit.

The yield on the 10-year OAT was last seen around 6 basis points higher at 4.9794%, after rising above 5% shortly before 11:30 a.m. in Paris (5:30 a.m. ET).

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