Crisis in French Politics: A Tumultuous Turn of Events
France's new Prime Minister, Sebastien Lecornu, resigned just 14 hours after appointing his cabinet, as political turmoil and opposition pressure threatened his government. This unexpected resignation deepened France's political crisis, and the National Rally urged a snap parliamentary election. Markets reacted negatively, with stocks and the euro plunging.
Sebastien Lecornu, France's newly appointed Prime Minister, shocked the nation by resigning a mere 14 hours after announcing his cabinet choices. The abrupt departure has exacerbated an already serious political crisis in the country.
Critics of Lecornu's cabinet found it either too right-wing or insufficiently so, leading to widespread dissatisfaction. His resignation has ignited calls from the far-right National Rally for a snap parliamentary election, in hopes of stabilizing the volatile political landscape.
The financial consequences of the resignation were immediate. France's CAC 40 index fell by 1.5%, marking it as Europe's poorest performer, as major bank stocks suffered heavy losses. Concurrently, the euro fell by 0.7%, hitting $1.1665. The ongoing instability highlights the fragility of Macron's administrative strategy.
(With inputs from agencies.)
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