France's Premier Lecornu Steps Down After Under a 30-Day Period in Power
The French Premier Lecornu has handed in his resignation, under 24 hours after his government team was presented.
The Elysée palace issued a statement after Lecornu met the French President for an 60-minute discussion on the start of the week.
This unexpected development comes only 26 days after Lecornu was appointed prime minister following the collapse of the prior administration of his predecessor.
Various groups in the National Assembly had sharply condemned the composition of his ministerial team, which was very close to Bayrou's, and vowed to reject it.
Demands for Early Elections and Political Instability
A number of factions are now demanding early elections, with others demanding Macron to resign too - although he has repeatedly stated he will not resign before his mandate concludes in five years from now.
"The President needs to choose: parliament's dissolution or resignation," said Chenu, one of prominent members of the National Rally.
The outgoing PM - the previous military head and a ally of the President - was the fifth French PM in a two-year span.
Background of Government Turmoil
France's political landscape has been markedly turbulent since last summer, when early legislative polls resulted in a hung parliament.
This has posed obstacles for any prime minister to garner the necessary support to pass any bills.
Bayrou's government was defeated in September after the assembly refused to back his spending cuts plan, which aimed to cut state costs by $51 billion.
Economic Pressures and Stock Response
The French shortfall reached nearly 6% of the economy in 2024 and its public debt is 114 percent of GDP.
That is the number three debt level in the euro area after two southern European nations, and equal to almost €50,000 per French citizen.
Stocks fell sharply in the Paris bourse after the news of Lecornu's resignation was released on Monday morning.
