French government collapses after another political turmoil hit the country.
French lawmakers voted to oust Prime Minister François Bayrou Monday, plunging the country into a new political crisis and leaving it without a government at a time of increasing economic strain and geopolitical tensions, reported CNN.
A total of 364 MPs voted against Bayrou and 194 voted for him after he called the vote in a bid to push through an unpopular €44 billion ($51 billion) savings plan that included scrapping two public holidays and freezing government spending.
The 364 votes against Bayrou were well above the 280-vote threshold needed to topple the government.
Bayrou will now be forced to step down after just nine months in office, following in the footsteps of his predecessor Michel Barnier, who lost a no-confidence vote last December.
French President Emmanuel Macron will name a new prime minister in the coming days, according to the Élysée Palace. But Bayrou’s departure leaves Macron with few palatable options.
Investors have been rattled. Yields on French government bonds – or the interest rate demanded by investors – have risen above those of Spanish, Portuguese and Greek bonds, which were once at the heart of the eurozone debt crisis.