Core Viewpoint - The French Prime Minister François Bérou's proposal for a confidence vote amid increasing political uncertainty has triggered a sell-off in French assets, highlighting the fragility of President Emmanuel Macron's position as his party has lost its parliamentary majority [1][2]. Political Landscape - The far-right National Rally, left-wing France Unbowed, and the Green Party have all stated their opposition to the government in the upcoming confidence vote on September 8, while the Socialist Party will not support the current government [1][2]. - If a majority of lawmakers vote against Bérou, he will be forced to submit his government's resignation, which would further emphasize Macron's weakened status [1][3]. Economic Impact - Following the political turmoil, the yield on French 10-year government bonds rose by 9 basis points to 3.51%, leading the global bond market decline, with the spread between French and German 10-year bonds widening to 75 basis points, the highest level since April [1][2]. - The French 10-year bond yield is now among the highest in the Eurozone, surpassing countries like Greece and Portugal, and is only about 8 basis points lower than Italy [2]. Government Measures - Bérou's proposal for the confidence vote aims to solidify support for his administration, especially after facing resistance to a €44 billion (approximately $51 billion) spending cut and tax increase plan, which he deems crucial to prevent a fiscal crisis [2][3]. - He has also suggested the cancellation of two public holidays, which has been met with ridicule from opposition parties [2]. Public Sentiment - Bérou's approval ratings have plummeted to the lowest levels seen during Macron's presidency, indicating a significant disconnect with public sentiment [4]. - There are concerns that ongoing political disputes could lead to street protests, with calls for a "total lockdown" on September 10 gaining traction among various political groups [4].
法国政府濒临倒台 政治危机引爆股债双杀 国债风险溢价竟超希腊
智通财经网·2025-08-26 00:55