France Faces 'Hanged' Parliament, High Risk European Market!

thecekodok


France is currently facing a hung Parliament and now they are negotiating in an effort to form a coalition government following the surprise results in the second round of the recent election.


The result was a surge in support for the left-wing New Popular Front (NFP) party by defeating the National Rally (RN) which is a right-wing coalition led by Marine Le Pen.


However, the number of seats failed to reach a majority to form a government and now French politics is facing a more chaotic problem than before the vote.


According to Ministry of Interior data quoted by Le Monde newspaper, the NFP bagged 182 seats and the centrist alliance supported by French President Emmanuel Macron won 168 seats.


Meanwhile, the most right-wing party, the National Rally (RN) led by Marine Le Pen and her allies won 143 seats.


In fact, the conflict became more worrying when the French Prime Minister, Gabriel Attal made a sudden decision to resign from his post amid ongoing political instability.


However, President Macron rejected the proposed resignation and asked him to remain as Prime Minister temporarily to ensure the stability of the country.


According to the Minister of Finance, Le Maire said political instability could affect investor confidence and cause the withdrawal of investment, triggering a financial crisis.


Previously, Macron dissolved the French Parliament and held early elections after the RN won more than 31 percent of the vote in the European Parliament elections on June 9 and defeated the centrist bloc of his support.