- Sputnik International
World
Get the latest news from around the world, live coverage, off-beat stories, features and analysis.

'Hedging Their Bets': French Banks Refuse to Fund Le Pen

© AFP 2023 / CHRISTOPHE ARCHAMBAULT French far-right Front National (FN) party president, member of European Parliament and candidate for France's 2017 presidential election, Marine Le Pen smiles as she poses for pictures with Santa Claus during a visit of a Christmas market in Paris on December 8, 2016
French far-right Front National (FN) party president, member of European Parliament and candidate for France's 2017 presidential election, Marine Le Pen smiles as she poses for pictures with Santa Claus during a visit of a Christmas market in Paris on December 8, 2016 - Sputnik International
Subscribe
Leaders of France's Front National said French banks were disrespecting democracy by refusing to lend the party money to help leader Marine Le Pen contend the April 2017 Presidential election, and a French political expert has told Sputnik banks may be right to think twice about loaning the party money.

The party claimed on December 22 that it is struggling to raise the €20 million (US$21m) necessary for Marine Le Pen's presidential bid, and the parliamentary elections which follow in June, with much of their ire directed at French banks which aren't offering the party loans.

​Dr. Paul Smith, Head of French and Francophone Studies at the University of Nottingham, attributed the failure of Front National to secure funding to French banks "hedging their bets." 

Marine Le Pen, French National Front political party leader and candidate for the National Front in the Nord-Pas-de-Calais-Picardie region, leaves the polling booth to cast her ballot in the second-round regional elections in Henin-Beaumont, France, December 13, 2015. - Sputnik International
EU Anti-Fraud Agency Asks Le Pen to Repay Over $371,000 Over Funds Misuse

"Front National frequently play up how corrupt other parties are in respect of financing, but the party itself has a number of financial issues hanging over it, and there have been several investigations into their electoral financing and monetary management. If I were a bank I'd take a long hard look at their past, and Front National don't look like a safe place to invest money. It's perfectly legitimate for banks to think twice about lending to them. Front National have had dubious dealings in the past, using very dodgy processes in respect of expenses," he told Sputnik.

Asked whether this issue may offer Le Pen a boost in the election, Smith said very much so.

"Stories like this allow the party to play underdog. We saw similar claims from Front National in 2012, with Le Pen alleging parties were ganging up on her to keep her off the election ticket. They've played up the "poor victims of the system" card before, and they'll keep using it."

© REUTERS / Charles PlatiauFrance's far-right National Front (FN) leader Marine Le Pen poses in front of a poster for her 2017 French presidential election campaign as she inaugurates her party campaign headquarters "L'Escale" in Paris, France, November 16, 2016.
France's far-right National Front (FN) leader Marine Le Pen poses in front of a poster for her 2017 French presidential election campaign as she inaugurates her party campaign headquarters L'Escale in Paris, France, November 16, 2016. - Sputnik International
France's far-right National Front (FN) leader Marine Le Pen poses in front of a poster for her 2017 French presidential election campaign as she inaugurates her party campaign headquarters "L'Escale" in Paris, France, November 16, 2016.

Whatever the reasoning behind the banks' reticence, Wallerand de Saint-Just, Front National treasurer, told The Local it was "anti-democratic" for the country's financial institutions to refuse to loan the party money.

"They should do their civic duty. They have a responsibility. The government should put pressure on the banks," he said.

Party secretary Nicolas Bay echoed these statements, calling it a "real scandal."

"I understand there are some presidential candidates who offer less guarantee than Marine Le Pen does but have still received bank loans. This poses a real problem of discrimination based on political opinions," he added.

The National Front's funding issues are very real.

​In 2013, Societe Generale announced it would no longer lend money to the party. The bank's treasurer said the decision was due to the scandal of Nicolas Sarkozy's presidential campaign financing. It was revealed in November 2016 that Lebanese-French businessman Ziad Takieddine delivered a campaign contribution in excess of €5 million (US$5,22m) from Libyan President Muammar Gaddafi to Sarkozy in 2007.

Newsfeed
0
To participate in the discussion
log in or register
loader
Chats
Заголовок открываемого материала