French Prime Minister Michel Barnier warned on Tuesday of “serious turbulence on the financial markets” if his government fell, in the event of censorship by deputies.
Michel Barnier confirmed on the TF1 television channel that he would “certainly” use, for the 2025 draft budget, article 49.3 of the Constitution, which allows adoption without a vote. But also, at the same time, the filing of a motion of censure.
If his government falls, through the vote of the left and far-right oppositions, “there will probably be a fairly serious storm and serious turbulence on the financial markets”, he declared, judging that the French wanted of “stability”.
Interest rate “almost at the level of Greece”
“We already borrow very high our interest rates, the interest rates that we are obliged to respect to finance our debt with Chinese or American investors. They are currently almost at the level of Greece,” he said. added.
The gap between French and German borrowing rates on the markets reached its highest level since 2012 on Tuesday.
The yield on ten-year French government bonds stood at 3.05% around 6:20 p.m., its German equivalent at 2.18%. Or a difference, or “spread”, of 0.87 percentage points,
Michel Barnier, 73, was appointed Prime Minister in September by President Emmanuel Macron to get the country out of the political crisis following the dissolution of the National Assembly.
Tuesday evening he ruled out the possibility of resignation. “Why do you want me to resign?” he asked. “I hope to be there” in 2025. “It depends on the National Assembly, everyone knows the rules of the game, I am the first to know them,” he concluded.
ats/fgn
World
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