-- French President Emmanuel Macron said he won’t resign if his party suffers a poor result in a snap parliamentary election as he appealed to voters not to succumb to the “fever of the extremists.”Pimco Warns of More Regional Bank Failures on Property Pain
Polls show Marine Le Pen’s National Rally party has a substantial lead going into the first round of voting on June 30. However, the two-round system in France means rival parties can unite to block the far-right’s path in the second vote July 7. Under France’s constitutional framework the choice of the premier is down to the president, but it is accepted practice that the head of state picks someone from the new parliamentary majority, and that’s what happened in 1997, 1993 and 1986, when the legislature and the presidency were controlled by different parties.
The president had previously focused his economic policy on measures he said would boost growth and bolster public finances, such as raising the pension age and trimming the generosity of unemployment welfare. But Le Pen has latched onto concerns about the cost of living to bolster her popularity over the last two years.
“If I am disavowed by a majority of you,” de Gaulle said in a televised address. “My current role as head of state will obviously become impossible, and I will immediately cease to exercise my functions.” After a narrow majority voted against the changes, de Gaulle followed through on his commitment and announced his resignation.
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