It could even set the stage for its leader, Marine Le Pen, to claim the presidency in 2027.
Finance minister Bruno Le Maire warned that a French debt crisis is possible should Le Pen's party enact its agenda.
French stocks are down 8.5% over the last month, compared to a 3.6% rise for the S&P 500.
"There is also an expectation that a populist government would attempt to bring in more windfall taxes, restrictions on dividends and share buybacks," she wrote.
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