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France Risks Chaos If Socialists Lose Next Election, Hamon Says

France risks “chaos” if Socialists and their allies fail to take control of parliament in legislative elections next month, said Benoit Hamon, a spokesman for the Socialist Party.

“If we were to lose legislative elections, the vote for Hollande will have been good for nothing,” he said today in an interview on France 3 television. A right-wing government would oppose all reforms sought by President-elect Francois Hollande, Hamon said during the interview.

“France would fall into chaos,” Hamon said. “Financial markets would attack” the country, he said.

The French are scheduled to vote during two rounds of legislative elections on June 10 and June 17. A majority would enable Hollande to push through a program that includes raising taxes, increasing spending, imposing a 75 percent levy on incomes above 1 million euros ($1.29 million) and returning the minimum retirement age to 60 from 62.

Hollande will use the law to “stop the closing of plants that are still profitable just because they aren’t profitable enough” or if rival companies may buy them, Hamon said.

“I have no doubt on his determination” to proceed on legislation that will help save jobs, Hamon said. “We want to stop the industrial haemorrhage taking place in France.”

The Socialists control the Senate and 21 of 22 regions in mainland France. President Nicolas Sarkozy’s Union for a Popular Movement holds 305 seats in the National Assembly against the Socialists’ 197. Hollande’s win over Sarkozy on May 6 gave his party the presidency for the first time since 1995.

To contact the reporter on this story: Albertina Torsoli in Paris at atorsoli@bloomberg.net

To contact the editor responsible for this story: Phil Serafino at pserafino@bloomberg.net

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