The French PM Lecornu Resigns After Under a Month in Office
The nation's PM Sébastien Lecornu has resigned, less than a day after his ministers was unveiled.
The Elysée palace confirmed the news after Lecornu met the French President for an 60-minute discussion on the start of the week.
This shock move comes only 26 days after Lecornu was appointed prime minister following the dissolution of the prior administration of his predecessor.
Various groups in the French parliament had fiercely criticised the composition of Lecornu's cabinet, which was very close to Bayrou's, and vowed to reject it.
Demands for New Vote and Government Instability
A number of factions are now demanding early elections, with certain voices urging Macron to resign too - although he has consistently affirmed he will not stand down before his term ends in 2027.
"Macron needs to pick: parliament's dissolution or leaving office," said Sébastien Chenu, one of prominent members of the RN party.
The outgoing PM - the former armed forces minister and a supporter of Macron - was France's fifth prime minister in a two-year span.
Background of Political Crisis
French politics has been very volatile since July 2024, when early legislative polls resulted in a deadlocked assembly.
This has created challenges for every premier to garner the necessary support to pass any bills.
The former cabinet was voted down in September after parliament voted against his spending cuts plan, which aimed to cut state costs by $51 billion.
Financial Pressures and Market Reaction
France's deficit stood at 5.8% of GDP in 2024 and its public debt is 114% of GDP.
That is the number three debt level in the eurozone after Italy and Greece, and equal to almost 50,000 euros per person.
Share prices dropped in the Paris bourse after the announcement about the PM broke on Monday morning.
