Explore Business Standard
The promises are appealing - and expensive. Vying to oust the centrist government of President Emmanuel Macron in an upcoming two-round parliamentary election June 30 and July 7, French political parties of both the far right and far left are vowing to cut gasoline taxes, let workers retire earlier and raise wages. Their campaign pledges threaten to bust an already-swollen government budget, push up French interest rates and strain France's relations with the European Union. The snap election could well replace Macron's limping centrist government with one led by parties whose campaigns have abandoned any pretence of fiscal discipline,' economist Brigitte Granville of Queen Mary University of London wrote Thursday on the Project Syndicate website. The turbulence began June 9 when voters handed Macron a defeat at the hands of Marine Le Pen's hard right National Rally party in EU parliamentary elections. Macron promptly and surprisingly called a snap parliamentary election, convince
The French government on Sunday urged Donald Trump not to interfere in French politics after the US president posted tweets about the protests rocking the country and attacked the Paris climate agreement. "We do not take domestic American politics into account and we want that to be reciprocated," Foreign Minister Jean-Yves Le Drian told LCI television. "I say this to Donald Trump and the French president says it too: leave our nation be." Trump had on Saturday posted two tweets referring to the "yellow vest" anti-government protests that have swept France since mid-November and sparked rioting in Paris. "Very sad day & night in Paris. Maybe it's time to end the ridiculous and extremely expensive Paris Agreement and return money back to the people in the form of lower taxes?" he suggested. Trump had earlier posted: "The Paris Agreement isn't working out so well for Paris. Protests and riots all over France. "People do not want to pay large sums of money, much to third world ...