El Ministro de Economía francés lanza una advertencia sobre una posible crisis financiera.
There's growing anxiety in the financial world regarding the prospect of a right-wing government taking over in France following the upcoming elections. Bruno Le Maire, France's Finance Minister, hasn't dismissed the possibility of a new Euro crisis emerging.
During a recent interview on Radio France, Le Maire warned that France's financial stability could be jeopardized during the elections. When asked if the unstable political situation in France, one of the largest economies in the Eurozone, could trigger a financial crisis, Le Maire responded with a "Sí." He pointed out that France currently pays more than Portugal to service its debts. The risk premium on French government bonds had also reached its highest level in over four years.
The financial markets have taken notice of the election agendas of various parties, and their reactions are somewhat apprehensive. France's eurosceptic and right-wing Rassemblement National (RN) of Marine Le Pen is currently leading in the polls. They advocate for a younger retirement age and protectionist economic policies as part of their "Francia primero" agenda. S&P Global, a rating agency, has evaluated that the proposed policies of the RN could potentially affect France's credit rating, leading to a downgrade.
The newly formed French Left alliance has also come forward, promising to lower the retirement age and introduce a new wealth tax for the wealthy. Both sides would be taking steps to reverse Macron's pension reform, which was opposed by many protesters. After raising the retirement age from 62 to 64 years, it now stands at 64.
According to the polls, the RN is expected to win the elections on June 30 and July 7. However, it's expected that they won't be able to claim an absolute majority. After his coalition lost in the European elections, Macron called for an early parliamentary election. Macron himself has denied any intentions of stepping down as President. In a recent poll, the RN received approximately 31% of the votes, the united left received 28%, and the government coalition received 18%.
The looming specter of an RN win in the elections is causing unease among stock market investors in Paris. The French benchmark index CAC 40 saw losses of up to 1.5% in the morning, with shares of major French banks like Societe Generale, BNP Paribas, and Credit Agricole, losing up to 3.6%. The European industry index also suffered a 1.3% drop. Concerns of a potential state debt crisis if the RN comes into power are troubling the Borseaners.
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