Macron's budget crisis sparks calls for resignation, national unrest

The Telegraph article details the escalating political crisis in France, where President Emmanuel Macron's administration, led by Prime Minister Michel Barnier, is teetering on the brink of collapse. Caliber.Az presents the key takeaways from the article.

Finance Minister Antoine Armand has stated that the government is prepared to "make concessions" in a bid to push through the national budget, which includes controversial cuts and tax hikes. This comes amidst rising tensions in the French parliament, with the opposition threatening to topple the government and calls growing for Macron’s resignation.

At the heart of the turmoil is a disputed draft budget containing €60 billion in cuts, which has driven up French borrowing costs and sparked political chaos. The French sovereign bonds and stock markets fell as a result, and the National Rally (RN), led by Marine Le Pen, has been vocal in demanding changes to the government's fiscal plans.

They recently claimed a "victory" after Barnier's administration agreed to reduce proposed electricity price hikes by €3 billion, a concession that may have momentarily quelled opposition anger but has also highlighted the fragility of the government.

The tension has prompted an overwhelming 63% of French citizens to believe that Macron should step down if the government falls, with many blaming him for the current political instability. While Macron has ruled out resigning, some political figures, including centrist MP Charles de Courson, argue that the only way to resolve the impasse would be for the president to resign and call for a new election.

However, former French President François Hollande disagrees, cautioning that holding a presidential election during such a period of financial instability would further harm the country’s standing in global markets and empower the hard-left opposition, particularly Jean-Luc Mélenchon’s France Unbowed (LFI).

In sum, Macron’s political future appears increasingly uncertain, as both financial instability and political deadlock threaten to undo his presidency. While some call for his resignation, others advocate for a no-confidence vote against the government, but with no clear solution in sight, the country remains in a state of flux.

By Aghakazim Guliyev