Hung parliament in French parliamentary elections, euro falls due to market turmoil

Monday, July 8, 2024

The night of Sunday, July 7, 2024 was a night of results contrary to expectations for France. The results of the parliamentary elections were surprising.

Jean-Luc Mélenchon played an important role in efforts to form a strategic alliance between leftist and centrist parties before the second phase to stop the lead of the right-wing National Rally.

The leftist alliance New Popular Front is in first place with 182 seats.

While Macron's centrist party, which lagged behind badly, performed better than expected and secured second place.

The far-right National Rally, which won the most votes in the first phase, has been in third place.

But none of them have the majority figures and a hung parliament situation has arisen in France.

The leftist newspaper 'Liberation' wrote for this night - 'Crazy'.

But many people are feeling relieved because the National Rally party did not manage to come to power.

According to the latest results, the position of parties in the 577-seat National Assembly:

New Popular Front - 182 seats

Centrist coalition - 168 seats

National Rally + allies - 143 seats

Republicans + right wing - 60 seats

Other left parties - 13 seats

Others - 11 seats

After the results, the market is witnessing turmoil. The value of the euro has fallen by 0.2 percent and now it is $ 1.08.

Investors are worried about the political deadlock in France.

Analysts feel that the leftist New Popular Front coalition, which won the most seats, will not carry forward President Emmanuel Macron's reformist agenda.

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