Zürcher Nachrichten - Macron seeks to salvage power after France vote upset

EUR -
AED 3.896071
AFN 72.130551
ALL 98.649047
AMD 412.597671
ANG 1.911906
AOA 968.990719
ARS 1062.604762
AUD 1.621287
AWG 1.903478
AZN 1.780298
BAM 1.964381
BBD 2.141956
BDT 126.773765
BGN 1.957762
BHD 0.399798
BIF 3074.564963
BMD 1.060743
BND 1.421148
BOB 7.357346
BRL 6.123093
BSD 1.060864
BTN 89.589875
BWP 14.433046
BYN 3.471665
BYR 20790.572112
BZD 2.138401
CAD 1.480024
CDF 3044.33428
CHF 0.935507
CLF 0.037339
CLP 1030.289842
CNY 7.678083
CNH 7.672236
COP 4659.199033
CRC 539.270862
CUC 1.060743
CUP 28.109702
CVE 110.980299
CZK 25.286428
DJF 188.514852
DKK 7.45915
DOP 64.161703
DZD 141.327807
EGP 52.558249
ERN 15.911152
ETB 130.073716
FJD 2.400479
FKP 0.837263
GBP 0.835611
GEL 2.911696
GGP 0.837263
GHS 16.865687
GIP 0.837263
GMD 74.766985
GNF 9154.216134
GTQ 8.190007
GYD 221.839024
HKD 8.25617
HNL 26.714829
HRK 7.566558
HTG 139.358738
HUF 408.365365
IDR 16816.602757
ILS 3.971153
IMP 0.837263
INR 89.531682
IQD 1390.104324
IRR 44662.603968
ISK 145.470125
JEP 0.837263
JMD 168.254961
JOD 0.752387
JPY 164.049282
KES 137.382069
KGS 91.758976
KHR 4296.011351
KMF 493.007062
KPW 954.668725
KRW 1474.465045
KWD 0.326115
KYD 0.884062
KZT 526.424383
LAK 23283.319803
LBP 94989.578538
LKR 308.648218
LRD 191.729793
LSL 19.17825
LTL 3.1321
LVL 0.641633
LYD 5.165982
MAD 10.580883
MDL 19.280219
MGA 4947.307016
MKD 61.534621
MMK 3445.25343
MNT 3604.406271
MOP 8.50475
MRU 42.339519
MUR 49.091221
MVR 16.388592
MWK 1841.450534
MXN 21.326964
MYR 4.736175
MZN 67.845196
NAD 19.236822
NGN 1781.359402
NIO 39.038261
NOK 11.637273
NPR 143.344201
NZD 1.791736
OMR 0.408407
PAB 1.060864
PEN 4.025533
PGK 4.209134
PHP 62.458169
PKR 295.019325
PLN 4.332435
PYG 8262.089959
QAR 3.861902
RON 4.97616
RSD 116.965016
RUB 106.685326
RWF 1454.279304
SAR 3.982147
SBD 8.877913
SCR 14.446549
SDG 638.035263
SEK 11.570993
SGD 1.417647
SHP 0.837263
SLE 23.97887
SLL 22243.265325
SOS 606.208915
SRD 37.697234
STD 21955.248302
SVC 9.282547
SYP 2665.149653
SZL 19.178561
THB 36.606089
TJS 11.276658
TMT 3.72321
TND 3.338689
TOP 2.484371
TRY 36.586825
TTD 7.20367
TWD 34.304975
TZS 2815.194113
UAH 43.79671
UGX 3906.062223
USD 1.060743
UYU 45.53892
UZS 13651.768587
VES 48.565083
VND 26948.187985
VUV 125.933597
WST 2.961162
XAF 658.853598
XAG 0.033896
XAU 0.000402
XCD 2.866712
XDR 0.806925
XOF 656.069696
XPF 119.331742
YER 265.081451
ZAR 19.13194
ZMK 9547.967398
ZMW 29.306845
ZWL 341.558966
  • RBGPF

    -0.4400

    59.75

    -0.74%

  • BCC

    -3.3600

    138.18

    -2.43%

  • SCS

    -0.1100

    13.09

    -0.84%

  • NGG

    0.6800

    63.58

    +1.07%

  • RIO

    0.3100

    62.43

    +0.5%

  • RELX

    0.2500

    45.29

    +0.55%

  • AZN

    0.4100

    63.8

    +0.64%

  • CMSC

    -0.0590

    24.565

    -0.24%

  • BCE

    0.0800

    27.31

    +0.29%

  • GSK

    -0.2300

    33.46

    -0.69%

  • JRI

    0.0300

    13.26

    +0.23%

  • BTI

    0.2500

    36.93

    +0.68%

  • RYCEF

    -0.1600

    6.69

    -2.39%

  • CMSD

    -0.0460

    24.344

    -0.19%

  • BP

    -0.3300

    29.09

    -1.13%

  • VOD

    0.0000

    8.92

    0%

Macron seeks to salvage power after France vote upset
Macron seeks to salvage power after France vote upset / Photo: Ludovic MARIN - AFP

Macron seeks to salvage power after France vote upset

French President Emmanuel Macron and his allies on Monday were scrambling for a way out of political deadlock after losing their parliamentary majority in a stunning blow for the president and his reform plans.

Text size:

Macron's Ensemble (Together) coalition emerged as the largest party in Sunday's National Assembly vote, but was dozens of seats short of keeping the parliamentary majority it had enjoyed for the last five years.

Surges on the left and the far-right destroyed the dominant position of Macron's deputies who, for the past five years, had backed the president's policies without fail.

Turnout was low, with the abstention rate recorded at 53.77 percent.

The left-leaning Liberation daily called the result a "slap in the face" for Macron, while the conservative Le Figaro said he was now "faced with an ungovernable France".

Macron's Together alliance won 244 seats, far short of the 289 needed for an overall majority.

The election saw the new left-wing alliance NUPES make gains to become the main opposition force along with its allies on 137 seats, according to the Interior Ministry.

But it is unclear if the coalition of Socialists, Communists, Greens and the hard-left France Unbowed will remain a united bloc in the National Assembly.

Meanwhile the far-right under Marine Le Pen posted the best legislative performance in its history, becoming the strongest single opposition party with 89 seats, up from eight in the outgoing chamber.

A confident Le Pen said her party would demand to chair the National Assembly's powerful finance commission, as is tradition for the biggest opposition party.

"The country is not ungovernable, but it's not going to be governed the way Emmanuel Macron wanted," Le Pen told reporters Monday.

Le Pen said she would now give up her party's leadership and focus instead on running her parliamentary group.

- 'Cannot just continue' -

Hard-left firebrand Jean-Luc Melenchon, who leads the NUPES alliance, said he would bring a motion of no confidence against Macron's Prime Minister Elisabeth Borne as early as July.

"The government formed by Emmanuel Macron cannot just continue as if nothing had happened," Melenchon ally Manuel Bompard said Monday.

Borne, who was elected to parliament in her first-ever political race, was seen as vulnerable as Macron faces a new cabinet shake-up after several of his top allies lost their seats.

His health and environment ministers lost their seats and by tradition will have to resign, as did the parliament speaker and the head of Macron's parliament group.

"For now the prime minister remains the prime minister," government spokeswoman Olivia Gregoire defiantly told France Inter radio Monday. "My fear is that the country is paralysed."

The outcome tarnished Macron's April presidential election victory when he defeated Le Pen, becoming the first French president to win a second term in over two decades.

"It's a turning point for his image of invincibility," said Bruno Cautres, a researcher at the Centre for Political Research of Sciences Po.

'A lot of imagination'

The options available to Macron, who has yet to publicly comment on the result, range from seeking to form a new coalition alliance, passing legislation based on ad hoc agreements to even calling new elections.

The most likely option would be an alliance with the Republicans, the traditional party of the French right, which has 61 MPs.

LR president Christian Jacob however said his party intended to "stay in opposition".

Economy Minister Bruno Le Maire admitted "a lot of imagination will be needed" from Macron's party in what Le Figaro said was "a jump into the unknown".

"We are entering into a period that is unprecedented and uncertain," said Jean-Daniel Levy of Harris Interactive France. "There is no ready made deal for a government," he told AFP.

Macron had hoped to stamp his second term with an ambitious programme of tax cuts, welfare reform and raising the retirement age. All that is now in question.

A prominent MP from Melenchon's party, Alexis Corbiere, said Macron's plan to raise the French retirement age to 65 had now been "sunk".

In a rare bit of good news for the president, Europe Minister Clement Beaune and Public Service Minister Stanislas Guerini -- both young pillars of his party -- won tight battles for their seats.

On the left, Rachel Keke, a former cleaning lady who campaigned for better working conditions at her hotel, was also elected, defeating Macron's former sports minister Roxana Maracineanu.

Financial markets took the news of the result in their stride, with little reaction seen Monday on stock or debt markets.

"It's not a scenario that's excessively negative," said Xavier Chapard, an analyst at Banque Postale. "The government will still be centrist, and it will still be pro-European."

burs-jh-js/sjw/yad

N.Fischer--NZN