Will There Be a Crisis if the Far Right Wins the French Elections?

French Finance Minister Bruno Le Maire warned that the second largest economy in the Eurozone faces the risk of a financial crisis if far-right or far-left forces win the upcoming parliamentary elections due to their massive spending plans. The political uncertainty has already triggered a significant sell-off of French bonds and stocks after President Emmanuel Macron unexpectedly called for elections, following his ruling centrist party's defeat to the National Rally, led by Marine Le Pen, in the European Parliament elections on Sunday. When asked if the current political instability would lead to a financial crisis, Le Maire answered, "Yes." He added to France Info radio: "They (the far-right and far-left) have no means to bear these expenditures." Le Maire planned to save several billion euros to put French finances back on track. A series of preliminary polls indicated that the National Rally might win the elections and be in a position to run the government. The party has promised to reduce electricity prices and VAT on gas while increasing public spending. The magazine Le Point conducted a poll published Friday night predicting that the National Rally would lead in the first round of the parliamentary elections, slightly ahead of a coalition of left-wing parties called the "People’s Front." The poll indicated that the National Rally would gather 29.5% of the votes compared to 28.5% for the People’s Front and 18% for Macron's camp.