Pressure mounts on Macron after unrest grows over pensions

An effigy of French President Emmanuel Macron is held up near a fire during a demonstration in Paris on Mar. 17, 2023, the day after the French government pushed a pensions reform using the article 49.3 of the constitution. (AFP)
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Updated 17 March 2023
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Pressure mounts on Macron after unrest grows over pensions

  • A new demonstration got underway in Paris on Friday evening, as protesters gathered in the city's Place de la Concorde
  • Demonstrators started off a fire burning in Place de la Concorde on Friday as they faced up to a line of riot police, with some chanting "Macron, Resign!"

PARIS: French President Emmanuel Macron on Friday faced the gravest challenge to his authority since the so-called Yellow Vest protests after his decision to push through a contested pension overhaul without a vote prompted a wave of protests.
A new demonstration got underway in Paris on Friday evening, as protesters gathered in the city’s Place de la Concorde, near the Assemblee Nationale parliament building, following demonstrations on Thursday which were marred by violence.
Demonstrators started off a fire burning in Place de la Concorde on Friday as they faced up to a line of riot police, with some chanting “Macron, Resign!“
“Something fundamental happened, and that is that, immediately, spontaneous mobilizations took place throughout the country,” hard-left leader Jean-Luc Melenchon said. “It goes without saying that I encourage them, I think that’s where it’s happening.”
The pension overhaul raises France’s retirement age by two years to 64, which the government says is essential to ensure the system does not go bust.
Unions, and most voters, disagree.
The French are deeply attached to keeping the official retirement age at 62, which is among the lowest in OECD countries.
More than eight out of 10 people are unhappy with the government’s decision to skip a vote in parliament, and 65 percent want strikes and protests to continue, a Toluna Harris Interactive poll for RTL radio showed.
Going ahead without a vote “is a denial of democracy...a total denial of what has been happening in the streets for several weeks,” 52-year-old psychologist Nathalie Alquier said in Paris. “It’s just unbearable.”
A broad alliance of France’s main unions said they would continue their mobilization to try and force a U-turn on the changes. Protests are planned for this week, with a new day of nationwide industrial action is scheduled for Thursday.
Teachers’ unions called for strikes next week, which could disrupt the emblematic Baccalaureate high-school exams.
While eight days of nationwide protests since mid-January, and many more local industrial actions, had so far been largely peaceful, the unrest on Thursday was reminiscent of the Yellow Vest protests that erupted in late 2018 over high fuel prices and forced Macron into a partial U-turn on a carbon tax.

’MAYHEM’
Interior Minister Gerald Darmanin said some 310 people had been arrested by police and promised to crack down on troublemakers.
“Opposition is legitimate, protests are legitimate but causing mayhem is not,” he told RTL radio.
Left-wing and centrist opposition lawmakers filed a motion of no-confidence in parliament on Friday afternoon.
But, even though Macron lost his absolute majority in the lower house of parliament in elections last year, there was little chance this would go through — unless a surprise alliance of MPs from all sides is formed, from the far-left to the far-right.
The leaders of the conservative Les Republicains party have ruled out such an alliance. None of them had sponsored the first motion of no confidence filed on Friday. The far-right was expected to file another later in the day.
Individual LR lawmakers have said they could break ranks, but the no confidence bill would require all of the other opposition MPs and half of LR’s 61 lawmakers to go through, which is a tall order.
“So far, French governments have usually won in such votes of no confidence,” said Berenberg chief economist Holger Schmieding.
He expected it would be the same again this time even if “by trying to by-pass parliament, Macron has already weakened his position.”
Votes in parliament were likely to take place over the weekend or on Monday.
Macron will want to turn the page quickly, with government officials already preparing more socially minded reforms. He can also choose, at some point, to fire Prime Minister Elisabeth Borne, who has been at the forefront of the pension debate.
But either or both moves may do little to quell anger on the streets. Neither of them had made public comments on Friday.


Trump calls for one year cap on credit card interest rates at 10 percent

Updated 6 sec ago
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Trump calls for one year cap on credit card interest rates at 10 percent

  • Trump says Americans have been ‘ripped off’ by credit card companies
  • Lawmakers from both parties have raised concerns about rates

WASHINGTON: US President Donald Trump said on Friday he was ​calling for a one-year cap on credit card interest rates at 10 percent starting on January 20 but he did not provide details on how his plan will come to fruition or how he planned to make companies comply.
Trump also made the pledge during the campaign for the 2024 election that he won but analysts dismissed it at the time saying that such a step required congressional approval.
Lawmakers from both the Democratic and Republican Parties have raised concerns about high rates and have called for those to be addressed. Republicans currently hold a narrow majority in both the Senate ‌and the House ‌of Representatives.
There have been some legislative efforts in Congress ‌to pursue ⁠such ​a proposal ‌but they are yet to become law and in his post Trump did not offer explicit support to any specific bill.
Opposition lawmakers have criticized Trump, a Republican, for not having delivered on his campaign pledge.
“Effective January 20, 2026, I, as President of the United States, am calling for a one year cap on Credit Card Interest Rates of 10 percent,” Trump wrote on Truth Social, without providing more details.
“Please be informed that we will no longer let the American Public be ‘ripped off’ by Credit Card Companies,” Trump added.
The ⁠White House did not immediately respond to a request for comment on details of the call from Trump, but said on ‌social media without elaborating that the president was capping the rates.
Some ‍major US banks and credit card issuers ‍like American Express, Capital One Financial Corp, JPMorgan , Citigroup and Bank of America did not immediately respond ‍to a request for comment.
US Senator Bernie Sanders, a fierce Trump critic, and Senator Josh Hawley, who belongs to Trump’s Republican Party, have previously introduced bipartisan legislation aimed at capping credit card interest rates at 10 percent for five years. This bill explicitly directs credit card companies to limit rates ​as part of broader consumer relief legislation.
Democratic US Representative Alexandria Ocasio-Cortez and Republican Congresswoman Anna Paulina Luna have also introduced a House of Representatives bill to cap credit card ⁠interest rates at 10 percent, reflecting cross-aisle interest in addressing high rates.
Billionaire fund manager Bill Ackman, who endorsed Trump in the last elections, said the US president’s call was a “mistake.”
“This is a mistake,” Ackman wrote on X.
“Without being able to charge rates adequate enough to cover losses and earn an adequate return on equity, credit card lenders will cancel cards for millions of consumers who will have to turn to loan sharks for credit at rates higher than and on terms inferior to what they previously paid.”
Last year, the Trump administration moved to scrap a credit card late fee rule from the era of former President Joe Biden.
The Trump administration had asked a federal court to throw out a regulation capping credit card late fees at $8, saying it agreed with business and banking groups that alleged the rule was ‌illegal. A federal judge subsequently threw out the rule.