FRENCH GOVT FACES COLLAPSE AFTER OPPOSITION SAYS IT WILL BACK NO-CONFIDENCE VOTE.(PHOTO).
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French govt faces collapse after opposition says it will back no-confidence vote
The French government is all but certain to collapse later this week after far-right and left-wing parties said they will vote in favour of a no-confidence motion against Prime Minister Michel Barnier.
Investors immediately punished French stocks and bonds as the latest developments plunged the euro zone's second-biggest economy deeper into political crisis.
"The French have had enough," National Rally (RN) leader Marine Le Pen told reporters in parliament, saying her party would put forward its own no-confidence motion and will also vote for any similar bill by other parties. The left will also propose a similar motion.
"Maybe (voters) thought with Michel Barnier things would get better, but it got even worse."
Barring a last-minute surprise, Barnier's fragile coalition will be the first French government to be forced out by a no-confidence vote since 1962.
A government collapse would leave a hole at the heart of Europe, with Germany also in election mode, weeks ahead of Donald Trump re-entering the White House.
RN lawmakers and the left combined would have enough votes to topple Barnier. They now have 24 hours to put forward their no-confidence motions.
Their comments came after Barnier said on Monday that he would try to ram a social security bill through parliament without a vote after a last-minute concessionproved insufficient to win RN's support for the bill.
French stocks reversed course, while a sell-off in the euro gathered pace and bonds came under pressure, pushing up yields.
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