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ER Editor: After the government of French PM Michel Barnier fell on Wednesday night, we have this. Macron spoke to the public on TV at 8pm last night. We didn’t watch.
Readers may also appreciate this report from three strategists at Rabobank via Zerohedge, Make France Governable Again. It’s a serious piece on the government options going forward, as well as financial implications, but we couldn’t resist this humorous opening:
- What we are looking for: A Prime Minister of the Fifth French Republic.
- Who we are: The second largest economy in the Eurozone and the only nuclear power in the Eurozone; we are Europe-minded, but fundamentally weak, with a budget deficit that is more than twice the threshold set by Brussels. Our political landscape and parliament are divided into three blocs: far-left, centre and far-right. There is little room for compromise between them.
- Our mission: to stay economically relevant and keep our economy afloat, whilst ensuring sustainable finances over the medium-term. Although our spread has widened, markets have largely been treating us as ‘too big to fail’; we would like to keep it that way.
- You are: someone with relentless energy and who is able to bridge those said divisions; alternatively, you are able to drive a wedge into either the bloc on the right or left in order to fracture the opposition and force compromises. You like numbers, budgets and have a Machiavellian way about you.
- We offer: an opportunity without much of an upside.
The movie continues. Trump (a stand-in perforce) is coming into town this weekend; Notre Dame is due to re-open. Watch this space.
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