France's Premier Lecornu Steps Down After Less Than a 30-Day Period in Power
France's Prime Minister Sébastien Lecornu has handed in his resignation, less than a day after his ministers was announced.
The presidential office confirmed the news after the Prime Minister met the French President for an hour on Monday morning.
This surprising decision comes only under four weeks after Lecornu was named premier following the downfall of the prior administration of his predecessor.
Various groups in the legislature had fiercely criticised the structure of Lecornu's cabinet, which was very close to the previous one, and threatened to vote it down.
Pressure for New Vote and Government Instability
Multiple political groups are now calling for early elections, with others demanding Macron to resign too - even though he has repeatedly stated he will not resign before his term ends in 2027.
"Macron needs to pick: calling new elections or leaving office," said Chenu, one of prominent members of the National Rally.
Lecornu - the previous military head and a Macron loyalist - was France's fifth prime minister in a two-year span.
Background of Political Crisis
French politics has been very volatile since last summer, when early legislative polls resulted in a no clear majority.
This has posed obstacles for each PM to garner the necessary support to approve legislation.
Bayrou's government was rejected in last month after the assembly declined to support his fiscal tightening package, which aimed to reduce public expenditure by $51 billion.
Financial Challenges and Market Reaction
France's deficit reached nearly 6% of the economy in the current year and its government debt is 114 percent of GDP.
That is the number three debt level in the euro area after Italy and Greece, and equivalent to almost €50,000 per French citizen.
Stocks fell sharply in the French stock market after the resignation report was released on Monday.