PARIS: France found itself mired in yet another crisis on Tuesday, after Prime Minister Francois Bayrou’s gamble to win backing for his deeply unpopular debt-reduction plan backfired, plunging the country deeper into political and financial instability.
French markets tumbled after Bayrou jolted the political establishment out of its summer slumber on Monday with his unexpected move to seek a September 8 confidence vote on his debt-cutting plan. His proposal was roundly rejected by opposition parties, who said they would relish the opportunity to cut short his minority government’s time in office.
In a symbolic moment that underlined his predicament, Bayrou tripped and nearly went flying as he took to the stage on Tuesday to deliver his first comments since the previous night’s announcement. He said lawmakers must now choose between “chaos” and “responsibility,” and urged the French to pressure their representatives to make a prudent choice ahead of September 8.
“I am not asking anyone to change his mind but one can think it over,” Bayrou later told journalists.
If Bayrou falls, Macron could dissolve parliament and hold fresh legislative elections — a move he has previously rejected — or install a new government. However, neither course of action is likely to solve France’s budget issues or political gridlock.
