🔺 What to do when markets are at an all-time high? Find smart bargains, like these.See Undervalued Stocks

Macron, refusing to resign, struggles on in search for stable French government

Published 12/06/2024, 06:23 AM
Updated 12/06/2024, 02:01 PM
© Reuters. FILE PHOTO: French President Emmanuel Macron appears on screen as he makes a television address to the nation after Prime Minister Michel Barnier's government was toppled in a no confidence vote in parliament, in Paris, France, December 5, 2024. REUTERS/C

By Benoit Van Overstraeten

PARIS (Reuters) -French President Emmanuel Macron began his latest search for a prime minister on Friday as the centre-left Socialists signalled they were open to joining a broad government coalition, sparking tensions inside an increasingly fragile leftwing bloc.

Macron this week rejected demands to resign to resolve France's political crisis, saying conservative prime minister Michel Barnier had been driven from office by the far right and extreme left's "anti-republican front". 

"We came to say we want left-wing policies with a left-wing prime minister and that this is the message that he (Macron) now needs to understand after he picked Michel Barnier," Socialist Party chairman Olivier Faure said after meeting the president.

In a sign of shifting political tides, Faure said he was ready to back a broader government as "everyone could see" the current political gridlock was harming France, but added that he could not work with another rightwing prime minister "under any circumstance".

Seeking a way out of the political paralysis that followed snap elections this summer, Macron's allies tried for months to drive a wedge through the leftwing alliance known as the New Popular Front (NFP), urging the socialists to cut ties with the more radical France Unbowed (LFI). 

LFI's firebrand leader Jean-Luc Melenchon slammed Faure for talking to the president, saying in a social media post: "Nothing of what he's doing is in our name or the name of the NFP." 

In a prime time address on Thursday, Macron said he would announce a new prime minister in the coming days to replace Barnier, who was ousted in a no-confidence vote by lawmakers angered by his belt-tightening 2025 budget bill.

But it remains to be seen how Macron can cobble together enough support in parliament to pass the budget, or install a prime minister with any sort of longevity.

France's budget deficit has spiralled upwards this year, worrying financial markets, but the failure to agree a plan to rein it in has seen French borrowing costs jump higher still.

The Socialists, a moderate leftist grouping with 66 seats in the National Assembly, voted to topple Barnier this week, but could emerge as crucial kingmakers. 

If Macron can win their backing, a new prime minister would likely have the numbers to stave off no-confidence motions from Marine Le Pen's far-right National Rally and other parts of the left.

Faure said that Macron should also seek to bring in the Greens and Communists.

MACRON REJECTS BLAME 

Macron, who sparked France's festering political crisis in June by calling the snap election that delivered a hung parliament, was defiant in his address to nation on Thursday.  

"I'm well aware that some want to pin the blame on me for this situation, it's much more comfortable," he said.

© Reuters. FILE PHOTO: French President Emmanuel Macron appears on screen as he makes a television address to the nation after Prime Minister Michel Barnier's government was toppled in a no confidence vote in parliament, in Paris, France, December 5, 2024. REUTERS/Christian Hartmann/File Photo

But he said he would "never bear the responsibilities" of lawmakers who decided to bring down the government just days before Christmas. Their sole motivation, he added, was the 2027 presidential election, "to prepare for it and to precipitate it."    

The next government would pursue a 2025 budget bill early in the new year, he said, so that "the French people don't pay the bill for this no-confidence motion."

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.