The Manchester United legend feels the state of the country's financial crisis raises questions regarding the world-record transfer, before slamming the quality of Ligue 1Real Madrid's decision to pay €100 million [£86m] for Gareth Bale, but found the fee offensive in light of the country's dire financial situation.
The Welshman became the world's most expensive player when he completed his move from Tottenham to Real Madrid on September 1, but Cantona also believes the deal will end up making money for the Liga giants.
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"Aside from that, I find it a bit indecent in relation to the economic crisis in Spain."
Cantona also slammed the quality of football on show in Ligue 1, insisting there is currently not a single side in the top flight worth watching.
"If a team plays in France one day plays like Barcelona, I'll probably go see it," Cantona added. "But today, such a team does not exist.
"This is not a criticism but there are more interesting things to do than go to the French championship.
"I am passionate about the game. I always wonder what may interest me, teach me something or surprise me.
"When you go to the movies, you see a movie you may like, not a movie you will not like.
"I go to the theatre to see the plays that I like, to exhibitions that I like, and the football games that I like."
Turning his attention to this year's battle for the Ballon d'Or, Cantona believes that treble-winner Franck Ribery deserves to pip Cristiano Ronaldo and Lionel Messi to the accolade.
"These three are all fine players, creators, who have the ability to surprise," the 47-year-old enthused. "I think the difference will be determined by who won what, and therefore Ribery deserves it."
Cantona turned his hand to acting after retiring from football but is back in the game, working as director of soccer for New York Cosmos.