France faces political upheaval as a no-confidence vote ousts the prime minister amid contentious budget debates.
Stock Earnings Results
December 9, 2024
On December 4, 2024, French Prime Minister Michel Barnier's government was toppled by a no-confidence vote in the National Assembly, marking the first such event since 1962. The motion, supported by both the far-right National Rally and the left-wing New Popular Front, stemmed from opposition to Barnier's proposed 2025 budget, which aimed to reduce the deficit through tax hikes and spending cuts.
President Emmanuel Macron, facing a politically fragmented parliament, must now appoint a new prime minister capable of navigating the legislative impasse and securing approval for the critical budget. Despite the political turmoil, France's financial markets remained resilient; the CAC 40 index experienced a 2.8% weekly gain, and bond spreads narrowed, indicating investor confidence in a swift resolution.
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