The China Mail - Embattled French PM faces clutch day in parliament

USD -
AED 3.672497
AFN 66.033457
ALL 83.605453
AMD 382.95244
ANG 1.789982
AOA 917.000125
ARS 1348.337502
AUD 1.53445
AWG 1.8
AZN 1.712314
BAM 1.689552
BBD 2.015498
BDT 121.831226
BGN 1.68991
BHD 0.37697
BIF 2948.885184
BMD 1
BND 1.299142
BOB 6.939447
BRL 5.465698
BSD 1.000708
BTN 88.674649
BWP 13.391731
BYN 3.40443
BYR 19600
BZD 2.012561
CAD 1.40341
CDF 2384.999796
CHF 0.803698
CLF 0.024396
CLP 957.04977
CNY 7.11475
CNH 7.13646
COP 3927.746127
CRC 503.543986
CUC 1
CUP 26.5
CVE 95.254344
CZK 21.007397
DJF 177.719857
DKK 6.453295
DOP 62.923561
DZD 130.2897
EGP 47.6939
ERN 15
ETB 146.852915
EUR 0.86423
FJD 2.27435
FKP 0.747404
GBP 0.74985
GEL 2.710202
GGP 0.747404
GHS 11.957653
GIP 0.747404
GMD 71.99991
GNF 8683.558082
GTQ 7.665096
GYD 209.358276
HKD 7.78025
HNL 26.281212
HRK 6.514902
HTG 130.935824
HUF 338.390113
IDR 16555
ILS 3.289297
IMP 0.747404
INR 88.66405
IQD 1310.907528
IRR 42062.499588
ISK 122.369696
JEP 0.747404
JMD 160.816175
JOD 0.708991
JPY 152.219023
KES 129.230046
KGS 87.449832
KHR 4023.013329
KMF 425.000078
KPW 899.993821
KRW 1426.939429
KWD 0.30694
KYD 0.833884
KZT 537.623262
LAK 21719.449196
LBP 89610.566872
LKR 302.77821
LRD 183.123413
LSL 17.327269
LTL 2.95274
LVL 0.60489
LYD 5.439797
MAD 9.16667
MDL 16.936194
MGA 4485.161045
MKD 53.264464
MMK 2099.746972
MNT 3594.960208
MOP 8.015757
MRU 39.966482
MUR 45.298004
MVR 15.310295
MWK 1735.235553
MXN 18.45225
MYR 4.227027
MZN 63.902803
NAD 17.327044
NGN 1460.760385
NIO 36.82651
NOK 10.097855
NPR 141.877772
NZD 1.746465
OMR 0.384507
PAB 1.000704
PEN 3.437918
PGK 4.203543
PHP 58.169745
PKR 283.316401
PLN 3.68185
PYG 7051.780439
QAR 3.658738
RON 4.395501
RSD 101.234977
RUB 81.140561
RWF 1452.49418
SAR 3.750238
SBD 8.230542
SCR 14.251615
SDG 601.494136
SEK 9.51478
SGD 1.298704
SHP 0.750259
SLE 23.199366
SLL 20969.499529
SOS 571.87531
SRD 38.795029
STD 20697.981008
STN 21.16457
SVC 8.756085
SYP 13001.933177
SZL 17.317162
THB 32.590347
TJS 9.191125
TMT 3.5
TND 2.94216
TOP 2.342098
TRY 41.799899
TTD 6.792531
TWD 30.699497
TZS 2455.908982
UAH 41.658093
UGX 3432.145372
UYU 40.100727
UZS 12149.326837
VES 193.05802
VND 26345
VUV 121.813894
WST 2.781604
XAF 566.655005
XAG 0.019108
XAU 0.000243
XCD 2.70255
XCG 1.80348
XDR 0.704737
XOF 566.662347
XPF 103.024387
YER 238.950097
ZAR 17.314897
ZMK 9001.191746
ZMW 22.740545
ZWL 321.999592
  • RBGPF

    0.4500

    76

    +0.59%

  • SCS

    0.2000

    16.49

    +1.21%

  • CMSC

    0.2600

    23.9

    +1.09%

  • NGG

    -1.2200

    73.3

    -1.66%

  • RYCEF

    -0.1000

    15.1

    -0.66%

  • GSK

    0.1500

    43.69

    +0.34%

  • VOD

    -0.1300

    11.17

    -1.16%

  • RELX

    0.3100

    45.13

    +0.69%

  • AZN

    -0.0200

    84.51

    -0.02%

  • RIO

    2.7200

    68.16

    +3.99%

  • BTI

    -0.7300

    50.81

    -1.44%

  • BCC

    -0.2400

    72.08

    -0.33%

  • BP

    0.2100

    33.7

    +0.62%

  • JRI

    0.2800

    14.05

    +1.99%

  • CMSD

    0.1600

    24.3

    +0.66%

  • BCE

    0.3000

    24.2

    +1.24%

Embattled French PM faces clutch day in parliament

Embattled French PM faces clutch day in parliament

Embattled French Prime Minister Sebastien Lecornu will give a high-stakes speech Tuesday to a deeply divided parliament, a day after President Emmanuel Macron blamed opponents for plunging the country into "chaos".

Text size:

France, the eurozone's second-largest economy, is in a deep political crisis that has spooked markets and raised concern about its minority government's ability to govern and ease the country's debt burden.

After an extraordinary week of political drama, which saw Lecornu resign on October 6 only to be re-appointed by Macron on Friday, the 39-year-old prime minister urged his new cabinet on Monday to do everything to help France overcome the deadlock.

"I am counting on you to show the utmost restraint and humility," Lecornu, the seventh prime minister of Macron's mandate, told his new cabinet.

"Service is something that requires putting egos aside," said Lecornu, on the eve of a key policy speech to parliament, where he faces threats of censure.

Lecornu addressed the cabinet following a low-key handover ceremony, which took place without journalists.

Macron's perceived refusal to bring in new faces has enraged the opposition, with the hard-left France Unbowed party and far-right National Rally threatening to topple Lecornu's new cabinet, which was unveiled late Sunday.

Lecornu's two immediate predecessors were ousted in a standoff over an austerity budget, and his immediate task is to put together a 2026 budget plan.

- 'Everyone's duty' -

The new cabinet is expected to present a draft budget on Tuesday that aims for a deficit below five percent of GDP, according to new government spokesperson Maud Bregeon.

The cabinet must give parliament the constitutionally required 70 days to scrutinise the plan before the end of the year.

In recent days, Macron has come under unprecedented pressure. Some opposition leaders are urging him to call snap elections or resign, and even key allies such as former prime minister Edouard Philippe have distanced themselves from the 47-year-old president.

Macron sought to shift all responsibility for the turmoil to political rivals as he travelled to Egypt to attend a summit on ending the Gaza war and highlight his diplomatic credentials.

"The political forces that have instigated the destabilisation of Sebastien Lecornu are solely responsible for this chaos," Macron told reporters upon arrival in Egypt, where he rubbed shoulders with US President Donald Trump and other world leaders.

"It is everyone's duty to work towards stability," Macron said.

He added before boarding his plane home: "I have confidence everyone will show a spirit of responsibility to get this done."

Political jockeying in France has been intensifying ahead of the 2027 presidential election.

Macron, who is enduring his worst-ever popularity levels, has vowed to serve out his second and final term.

- Pension reform under attack -

Many opponents and political analysts blame the French president for the current gridlock. In mid-2024, he called snap elections to stave off the march of the far right, but his gamble backfired.

Macron's centrist camp lost its majority, while parliament's lower house, the National Assembly, is now divided into three distinct blocs.

French daily Le Monde said in an editorial that Macron was on dangerous ground.

"The head of state is taking the risk of turning this major political crisis into a lasting institutional deadlock, and thus into a crisis of the regime," the newspaper said.

The leftist Socialists, a swing group, warn they may also vote against the government unless Lecornu backs off from a controversial 2023 pension reform that raised the retirement age from 62 to 64.

Socialist leader Olivier Faure said his party demanded an "immediate, complete" suspension of the pension reform.

The right-wing Republicans, once a key political ally of Macron, have meanwhile said they would only cooperate with the government on a "bill-by-bill" basis.

Macron declined on Monday to speculate on a possible dissolution of parliament in case of another government failure.

"I'm not making any bets," he said. "I want the country to move forward."

burs-as/ah/rmb/jhb/ach

K.Leung--ThChM