A total of 364 lawmakers voted against Bayrou and 194 voted for him, when he called for the vote, voting for a 44 billion euro ($51 billion) savings plan to push forward with savings plans that include two public leave and frozen government spending. The 364 votes against Bayrou were well above the 280 vote threshold required to overthrow the government, CNN reported.
Bayrou will be forced to step down in just nine months, following in the footsteps of his predecessor, Michel Barnier, who lost his vote of no confidence last December.
According to Elise Palace, French President Emmanuel Macron will honor the new prime minister in the coming days. However, there are few options Macron has no taste for its departure.
Investors are rattling. The yields on French government bonds, or investors’ demands, exceed the interest rates on bonds in Spain, Portugal and Greece, once at the heart of the eurozone debt crisis. The potential downgrade of France’s sovereign debt rating review on Friday would take another blow to its economic position in Europe.
According to the CNN report, political instability can be traced back to Macron’s own dramatic decision last year to call the SNAP election. The French president, who had holed up at the notable outcome of the far-right national rally in the European Parliament elections in May 2024, forced a vote in which his party lost seats on the far right and far left, leaving France with a ruptured parliament.
MNA