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French Prime Minister Michel Barnier resigning after parliament's no-confidence vote [CBS News]

Moody's Corporation (MCO) 
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Company Research Source: CBS News
in parliament, with the president urgently seeking ways to halt growing political and financial chaos. Poised to be contemporary France's shortest-serving premier, Barnier arrived at the Elysee Palace just after 10 a.m. local time (4 a.m. Eastern) for the resignation formality, with the outgoing premier and government constitutionally obliged to step down after the defeat in parliament. A majority of lawmakers supported the no-confidence vote Wednesday that was proposed by the hard-left and backed by the far-right, headed by Marine Le Pen. Barnier's record-quick ejection comes after snap parliamentary elections this summer that resulted in a hung parliament , with no political force able to form an overall majority and the far-right holding the key to the government's survival. The trigger for Barnier's ouster was his 2025 budget plan including austerity measures that were unacceptable to a majority in parliament, but that he argued were necessary to stabilize France's finances. Show less Read more
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