French election results 2024: Markets on tenterhooks as French politicians jostle for power

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France’s left-wing parties are scrambling for a way to break the political impasse created by President Emmanuel Macron’s snap parliamentary election.

into a firm grip on the reins of power, as weeks of jockeying to form a coalition government get underway.

But the centrists will likely rule out working with the most electorally successful member of the left parties’ New Popular Front alliance – the left-populist France Unbowed, headed by septuagenarian controversialist Jean-Luc Melenchon.The NPF, which also includes the Socialists, Communists and Greens, won 180 seats in the second round of voting for the 577-seat National Assembly on Sunday.

With muscular right-wing populist parties flocking to join the Patriots, it will be the third-largest formal group of political parties in the European Parliament, behind only the big mainstream centre-right and centre-left blocs.Mr Bardella will chair the group, which will also include Matteo Salvini’s hard-right Lega party from Italy, Spain’s spiky Vox party, and Dutch iconoclast Geert Wilders’ PVV party.

Yannick Jadot, a Greens senator who has previously run for president, said he expected the NPF to nominate a potential prime minister in the coming days. “It’s not going to be simple. No, it’s not going to be easy. And no, it’s not going to be comfortable,” Ms Tondelier said of the negotiations. “It’s going to take a bit of time.”

The markets will be concerned about the NPF’s expansive, expensive policies. The plans, heavily influenced by France Unbowed, include: returning the retirement age from 64 to 60; raising public sector wages; linking salaries to inflation; and lifting the top marginal tax rate to 90 per cent.

 

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