French Business Group Calls Left’s Plan Danger to Economy: Echos

French flags fly outside the National Assembly building in Paris, France, on Tuesday, July 9, 2024. The legislative election vote created a complex split in the National Assembly, which opens the door to unprecedented deal-making to form a ruling coalition. Photographer: Nathan Laine/Bloomberg (Nathan Laine/Bloomberg)

(Bloomberg) -- The head of France’s Medef business lobby said the program of the alliance of left-wing parties, which won the most seats in this months parliamentary elections, are a danger to the economy.

In an interview in the French daily Les Echos, Patrick Martin added that since French President Emmanuel Macron dissolved parliament in June, decision on investments, and hiring have been deferred and fund-raising in venture capital interrupted. 

Putting into effect the program of the leftist alliance known as the New Popular Front “would be fatal to the French economy and bring about our decline,” Martin said.

A complex split in the French National Assembly has set the stage for unprecedented deal-making to try to form a lasting coalition that could govern the country. While New Popular Front — which includes the Socialists, the Greens and the far-left France Unbowed — has more lawmakers than Macron’s party or the far-right National Rally, it’s far short of an outright majority. 

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