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French stocks and the euro tumbled while borrowing costs soared after the prime minister resigned after less than a month in charge.
Sebastien Lecornu, who was appointed after the collapse of Francois Bayrou’s government last month, was France’s fifth prime minister in two years.
His departure piles pressure on President Emmanuel Macron as the country struggles to get a grip of its finances. France’s CAC 40 stock market index fell 1.4 per cent with banks leading losses.
The euro fell against the dollar and the pound. And ten-year French government bond yields jumped to within a whisker of 3.6 per cent having been below 3.1 per cent early in the year.
Chris Beauchamp, chief market analyst at IG, said: ‘To lose one prime minister is unfortunate, but four looks like a major crisis.
The real worry will be that the procession of prime ministers unable to govern will at some point force the resignation of Macron, which would cause the crisis to intensify significantly.’
Clinging on: French prime minister Sebastien Lecornu’s departure piles pressure on President Emmanuel Macron as the country struggles to get a grip of its finances
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This article was originally published by a www.dailymail.co.uk . Read the Original article here. .