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France's government faces a potential collapse this week following a budget showdown, with significant economic repercussions looming. The far-right National Rally, led by Marine Le Pen, has announced its support for a motion to oust Prime Minister Michel Barnier after he failed to meet their budgetary demands.
In a bid to avert a no-confidence vote, Prime Minister Michel Barnier has made a last-minute concession to Marine Le Pen regarding the 2025 budget. The government will not cut reimbursements for medicines, addressing a significant demand from the far-right leader following crisis talks.
Asian stocks rose following gains in US shares, with South Korea and Australia leading the way. The euro weakened amid political tensions in France, where Marine Le Pen signaled a potential no-confidence vote against the government over budget issues. Finance Minister Antoine Armand rejected Le Pen's demands for budget adjustments by Monday.
Marine Le Pen announced that the French government has ended discussions on potential changes to the social security bill, which is part of the upcoming budget for the National Assembly. This decision may lead to a no-confidence vote as early as Wednesday, following comments from Budget Minister Laurent Saint-Martin.
France's budget minister announced that requests to amend the 2025 budget would amount to nearly €10 billion ($10.6 billion) as the government seeks to maintain power amid challenges. Laurent Saint-Martin emphasized that the compromise on electricity taxation lacks full financing and should not lead to increased gas taxes.
Marine Le Pen is intensifying pressure on Prime Minister Michel Barnier's government with threats to destabilize it unless her anti-austerity budget demands are met. In response, Barnier's administration is considering concessions, including reversing electricity tax hikes, as French borrowing costs rise to levels comparable to Greece's. The political tension is heightened by the looming return of Donald Trump, which could further complicate France's economic situation.
Marine Le Pen has criticized the proposed French budget as “bad, unjust, and violent,” raising concerns about potential economic and political instability. Her actions could threaten the stability of Michel Barnier’s government and the Eurozone as a whole. Meanwhile, Brussels is set to approve spending plans for all countries except the Netherlands due to disagreements over public spending figures.
French Prime Minister Michel Barnier has abandoned a proposed electricity tax increase in his 2025 budget, conceding to demands from Marine Le Pen's National Rally amid looming budget negotiations. This decision comes as Barnier faces a potential motion of no confidence from the left-wing opposition, which could lead to the collapse of his minority government. The National Rally has labeled the budget "unacceptable" and continues to push for further concessions.
France's political turmoil has driven its borrowing costs to match those of Greece for the first time, with 10-year government bond yields nearly equal at 3.0010% and 3.030%, respectively. Prime Minister Michel Barnier faces a potential no-confidence vote from the left-wing New Popular Front alliance, which threatens to destabilize his minority government as it struggles to pass a budget aimed at reducing a significant deficit. Despite reassurances from officials about France's economic strength compared to Greece, concerns persist over the country's fiscal health, with a projected budget deficit of 6.1% in 2024 and public debt exceeding 110% of GDP.
French Prime Minister Michel Barnier faces a potential government collapse as the Socialist Party plans to vote against his minority administration, citing a lack of concrete proposals. With the far-right National Rally also signaling opposition, Barnier's coalition struggles to secure necessary support amid a contentious budget aimed at reducing a projected 6.1% deficit. An Ipsos poll indicates strong public backing for a vote of no confidence, complicating Barnier's efforts to maintain stability.
Marine Le Pen
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