The Japan Times - French PM set to fall after warning on 'life-threatening' debt

EUR -
AED 4.2308
AFN 75.461931
ALL 95.701743
AMD 434.289094
ANG 2.062212
AOA 1056.403079
ARS 1597.18451
AUD 1.668628
AWG 2.073925
AZN 1.963008
BAM 1.952758
BBD 2.315114
BDT 141.040283
BGN 1.969159
BHD 0.435651
BIF 3421.500424
BMD 1.15202
BND 1.480462
BOB 7.942627
BRL 5.945121
BSD 1.149419
BTN 107.068206
BWP 15.769502
BYN 3.405953
BYR 22579.598756
BZD 2.311719
CAD 1.606781
CDF 2655.407311
CHF 0.920187
CLF 0.02682
CLP 1058.995158
CNY 7.928953
CNH 7.933071
COP 4226.094473
CRC 534.859814
CUC 1.15202
CUP 30.528539
CVE 110.594367
CZK 24.524559
DJF 204.737509
DKK 7.474082
DOP 70.100891
DZD 153.514723
EGP 62.594955
ERN 17.280305
ETB 179.485717
FJD 2.596428
FKP 0.872786
GBP 0.871389
GEL 3.093221
GGP 0.872786
GHS 12.67803
GIP 0.872786
GMD 85.249915
GNF 10114.739035
GTQ 8.793302
GYD 240.575224
HKD 9.029248
HNL 30.533639
HRK 7.533181
HTG 150.860401
HUF 384.6946
IDR 19578.12495
ILS 3.606256
IMP 0.872786
INR 106.83831
IQD 1505.854131
IRR 1519716.438584
ISK 144.440755
JEP 0.872786
JMD 181.216908
JOD 0.816828
JPY 183.924702
KES 149.53662
KGS 100.744622
KHR 4596.719375
KMF 491.913091
KPW 1036.802092
KRW 1741.002708
KWD 0.356366
KYD 0.957908
KZT 544.681477
LAK 25310.339681
LBP 103108.170116
LKR 362.66133
LRD 210.92142
LSL 19.532595
LTL 3.401617
LVL 0.696846
LYD 7.350613
MAD 10.799077
MDL 20.225019
MGA 4805.472163
MKD 61.628064
MMK 2419.207897
MNT 4116.419504
MOP 9.279644
MRU 45.662874
MUR 54.087791
MVR 17.81067
MWK 1993.077817
MXN 20.611607
MYR 4.643839
MZN 73.672136
NAD 19.532172
NGN 1587.634232
NIO 42.293196
NOK 11.258292
NPR 171.306902
NZD 2.017019
OMR 0.44364
PAB 1.149409
PEN 3.976705
PGK 4.972168
PHP 69.592978
PKR 320.72236
PLN 4.278316
PYG 7435.481305
QAR 4.191071
RON 5.088018
RSD 117.392788
RUB 92.536885
RWF 1678.770184
SAR 4.325327
SBD 9.260829
SCR 16.616785
SDG 692.364618
SEK 10.924729
SGD 1.482309
SHP 0.864314
SLE 28.397729
SLL 24157.303089
SOS 656.873849
SRD 43.029156
STD 23844.495215
STN 24.461468
SVC 10.057332
SYP 127.363484
SZL 19.524669
THB 37.596228
TJS 11.017337
TMT 4.043591
TND 3.388621
TOP 2.773788
TRY 51.288526
TTD 7.797954
TWD 36.858934
TZS 2995.253282
UAH 50.34114
UGX 4312.282184
USD 1.15202
UYU 46.547487
UZS 13965.244481
VES 545.355491
VND 30344.215879
VUV 137.490062
WST 3.186768
XAF 654.931042
XAG 0.015774
XAU 0.000247
XCD 3.113393
XCG 2.071573
XDR 0.815708
XOF 654.942394
XPF 119.331742
YER 274.930073
ZAR 19.553086
ZMK 10369.569656
ZMW 22.212589
ZWL 370.950081
  • RBGPF

    -13.5000

    69

    -19.57%

  • AZN

    2.7600

    203.49

    +1.36%

  • NGG

    1.1500

    87.99

    +1.31%

  • RELX

    0.3600

    33.59

    +1.07%

  • BTI

    0.3900

    58.28

    +0.67%

  • RYCEF

    0.9000

    15.99

    +5.63%

  • VOD

    0.0800

    15.21

    +0.53%

  • GSK

    0.7000

    56.69

    +1.23%

  • CMSD

    0.1100

    22.26

    +0.49%

  • CMSC

    0.0500

    22.04

    +0.23%

  • BP

    0.9500

    47.12

    +2.02%

  • RIO

    -0.3600

    94.45

    -0.38%

  • JRI

    0.0900

    12.61

    +0.71%

  • BCE

    -0.9300

    24.45

    -3.8%

  • BCC

    -1.8800

    73.2

    -2.57%

French PM set to fall after warning on 'life-threatening' debt

French PM set to fall after warning on 'life-threatening' debt

French Prime Minister Francois Bayrou was set to fall in a confidence vote in parliament on Monday, warning in a final speech that the country was facing a "life-threatening" crisis over its debt.

Text size:

Bayrou, who has been in the job for just nine months, blindsided even his allies by calling a confidence vote to end a lengthy standoff over his austerity budget, which foresees almost 44 billion euros ($52 billion) of cost savings to reduce France's debt pile.

Opposition parties across the board have made it clear they will vote against his minority government, making it highly improbable he will get enough backing to survive -- he needs a majority of the 577 MPs in the National Assembly.

Bayrou is the sixth prime minister under President Emmanuel Macron since the head of state was first elected in 2017. Bayrou's ousting would leave the French leader with a new domestic headache at a time when he is leading diplomatic efforts on the Ukraine war.

But defending his decision to call the high-risk confidence vote, Bayrou told the National Assembly: "The biggest risk was not to take one, to let things continue without anything changing... and have business as usual".

Describing the debt pile as "life-threatening" for France, Bayrou said his government had put forward a plan so that the country could "in a few years' time escape the inexorable tide of debt that is submerging it".

"You have the power to overthrow the government", but not "to erase reality", Bayrou told the MPs. The vote is expected after 1700 GMT.

- Unpopular president -

Bayrou himself appears to acknowledge that his time has run out.

According to officials, he has invited his ministers for farewell drinks Monday evening.

"There are worse things in life than being at the head of a government and seeing that government overthrown," he told the news website Brut.

Bayrou would be the second French prime minister in succession to have suffered such a fate, after Michel Barnier was ejected in December after only three months in office.

The vote will force Macron to face one of the most critical decisions of his presidency: appoint a seventh prime minister to try to thrash out a compromise, or call snap elections in a bid to have a more accommodating parliament.

There is no guarantee an election would result in any improvement in the fortunes of Macron's centre-right bloc in parliament.

While the Socialist Party (PS) has expressed readiness to lead a new government, it is far from clear if such an administration could survive.

According to a poll by Odoxa-Backbone for Le Figaro newspaper, 64 percent of French want Macron to resign rather than name a new prime minister, a move he has ruled out.

He is forbidden from standing for a third term in 2027.

Around 77 percent of people do not approve of his work, Macron's worst-ever such rating, according to an Ifop poll for the Ouest-France daily.

Addressing the crisis after an international summit on Ukraine last Thursday, Macron called on France's political forces to demonstrate "responsibility" and ensure "stability".

- Le Pen ruling -

Alongside political upheaval, France is also facing social tensions.

A left-wing collective calling itself "Block Everything" is calling for a day of action on Wednesday, and trade unions have urged workers to strike on September 18.

The 2027 presidential election meanwhile remains wide-open, with analysts predicting the French far right will have its best-ever chance of winning.

Three-time presidential candidate for the National Rally (RN) Marine Le Pen suffered a blow in March when a French court convicted her and other party officials over an EU parliament fake jobs scam.

Le Pen was sentenced to four years' imprisonment, two of which were suspended, and a fine of 100,000 euros ($117,000).

The ruling also banned her from standing for office for five years, which would scupper her ambition of taking part in the 2027 vote unless overturned on appeal.

But a Paris court said Monday her appeal would be heard from January 13 to February 12, 2026, well before the election -- potentially resurrecting her presidential hopes.

K.Okada--JT