The new Prime Minister of France, Francois Bayrou, must avoid resignation by working with all parties so as not to plunge the country into crisis, since a new resignation of the government will lead to serious consequences for the country, which has lost its investment attractiveness after the dissolution of parliament in July, the head of the French Senate, Gerard Larcher said.
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“The Prime Minister must set a course and engage in dialogue with political forces to avoid a vote of no confidence, which would have dramatic consequences for our country. Today is no longer the time for grievances, hesitation and bargaining. It is now important to avoid paralysis of the state and get to work without delay”, he said in an interview with Tribune Dimanche.
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Larcher blames French President Emmanuel Macron for the current crisis, noting that “everything that is happening now is the consequences of a dangerous and unpredictable decision to dissolve parliament” in June. This also dealt a blow to the country’s investment attractiveness – the day before, the international rating agency Moody’s downgraded France’s credit rating to Aa3.
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“The dissolution that President Macron wanted has changed the financial markets’ assessment of our country. The resignation of the Barnier government is only a delayed consequence of this incomprehensible choice for which the markets had prepared. This summer, foreign investors began to move away from French securities. Borrowing rates in France exceeded rates in Spain and Portugal and reached the Greek rates. We are no longer among the members of the eurozone considered the strongest and most reliable,” the head of the Senate said.
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The centrist Bayrou, 73, was appointed as the new head of the Cabinet on Friday. He replaced Republican Michel Barnier, whose government lasted only three months due to a vote of no confidence voted for by both right-wing and left-wing parties.
