February 1, 2017
Filed under News
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French banks have refused to lend money to the National Front (FN) Party of France. The party is headed by president Marine Le Pen, current front-runner in the election. Despite Le Pen’s success in the polls, banks are refusing to finance or meet with her. This partiality likely comes from backlash due to the views and promises of Le Pen and her party, which are far-right.
Le Pen has come under fire from left-wing critics, particularly for her stance on migration. Le Pen has been called the “Donald Trump of France” and will certainly put an end to the globalist immigration policies currently under François Hollande, acting president of France. Should Le Pen claim victory, the migrants would no longer have the easy ride that they have been given.
On the refusal of the banks to lend money to the National Front, members of the party have called it a threat to democracy. Even Jean-Luc Mélenchon, another presidential candidate whose views are quite the opposite Le Pen’s, has agreed that the refusal of the banks is unjust and has asked that they have pity for the National Front.
Yet the National Front is no stranger to bank insubordination. The party has long been experiencing refusals for loans: In 2013, Le Crédit Lyonnais (LCL) refused a request for an annual loan of 5.5 million euros, stating that LCL does not have the suitability to gift such a loan to the party. In 2013, the international bank UBS claimed to not be in a favorable position to loan to the National Front. Crédit Industriel et Commercial was much more straightforward in the 2013 refusal, asserting that by respecting the diversity of opinions among clients, members, and elected administrators, the bank will remain neutral in political matters and not lend to the National Front.
The first round of the French presidential elections will take place the twenty-third of April, and the second round will take place on the seventh of May, between the two top candidates of the first round.