WASHINGTON (Sputnik) — Macron was elected in a runoff election on Sunday, winning 66.1 percent of the vote to his rival Marine Le Pen’s 33.9 percent, according to Interior Ministry figures.
"President-Elect Macron's stated commitment to reducing the budget deficit to below 3% of GDP (from 3.4 percent in 2016) suggests that he will strive to meet the European Commission deadline for closing the ‘excessive deficit’ from this year," the release stated.
Fitch explained that France’s debt reached 96 percent of GDP in 2016, driven by budget deficits and high government spending. The high debt has reduced the government’s ability to deal with financial shocks.
Recent polls suggest Macron’s En Marche! could win between 249-286 seats, just short of the 290 required for a majority. However, the agency noted that half of the candidates have no prior political affiliations.
If En Marche! fails to win a majority, Macron is likely to be able to implement much of his agenda through a coalition with another party or governing as a minority with support for his program, the agency said.
