French PM Wins Confidence Vote Good News for Reforms

French Prime Minister Manuel Valls has won a vote of confidence in a tense ballot, allowing him to push through economic reforms that have divided the left.

The Socialist government’s once comfortable margin was diluted in the 269-244 vote Tuesday, with 53 abstentions. The balloting was held after a speech laying out government policy aimed in part at wooing back Socialist dissenters who think he has abandoned his leftist ideals in favor of big business.

Of the 53 abstentions, 31 of them were Socialists.

Valls was backed by 309 lawmakers in an April vote of confidence when he took office.

But the current 25-vote margin allows the prime minister to carry on with reforms aimed at lifting France out of its economic crisis.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza