New French PM Sebastien Lecornu Faces Economic Hurdles Amidst Political Shifts
Sebastien Lecornu has taken office as France's new Prime Minister, inheriting a deficit challenge from his predecessor. Dropping plans to cut public holidays, he seeks innovative ways to pass a debt-trimming budget. Facing a divided parliament, Lecornu aims for open discussions to shape France's financial trajectory amidst Fitch's credit rating downgrade.
France's new Prime Minister, Sebastien Lecornu, has quickly taken action in reversing a controversial proposal to reduce public holidays in an effort to manage the national budget. The move comes as the country grapples with its lowest-ever sovereign credit rating, following Fitch's recent downgrade to A+.
In an interview with local media, Lecornu expressed his determination to navigate the complexities of French politics and economic strategy. He emphasized collaboration with rivals to develop a financially sound budget that addresses the deficit while maintaining fiscal sovereignty. Lecornu's tenure begins under immense pressure to stabilize the economy, having assumed office following François Bayrou's ouster after a confidence vote.
With France's borrowing costs edging closer to Italy's, Lecornu's challenge lies in crafting a budget acceptable to a fragmented parliament. He calls for comprehensive dialogue with key parties to ensure a balanced financial future without compromising on essential national interests.
(With inputs from agencies.)
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