"Yesterday afternoon, Prime Minister François Bayrou lost a confidence vote in the National Assembly over his hugely unpopular austerity budget, and this morning, he submitted his resignation to President Emmanuel Macron. That leaves Macron in search of a fifth prime minister in just 20 months - though he'll be hard-pressed to find someone who can actually confront France's financial crisis."
"Bayrou had proposed €44-billion in cuts, a freeze on welfare payments and ditching two public holidays, but knew there was zero chance his budget would get through parliament - he was already doling out invites to a farewell soirée, or " un moment convivial," before ministers even started yesterday's vote. Bayrou will stay on until Macron appoints a new PM, which his office said should happen "in the coming days.""
Prime Minister François Bayrou resigned after losing a confidence vote in the National Assembly over an austerity budget. Bayrou proposed €44-billion in cuts, a freeze on welfare payments and elimination of two public holidays but anticipated parliamentary rejection and will remain in office until President Macron names a successor. Public debt stands at about €3.3 trillion, roughly 114% of GDP, increasing rapidly. France has not run a budget surplus in over 50 years. Spending rose after the 2008 bailouts and about €240 billion in pandemic aid, while the European energy crisis and an ageing population worsen fiscal pressures.
Read at The Globe and Mail
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