Marine Le Pen Wants France Out Of The Euro, Will Redenominate French Debt In New Currency

Tyler Durden's picture

French presidential candidate and National Front leader, Marine Le Pen, said she wants to take France out of the euro, reiterating comments made the day before, and - taking a page out of the Yanis Varoufakis Grexit negotiating strategy playbook - added she wants to redenominate French government debt in a new national currency.

“More and more European citizens realize their economies have been suffocated by the euro,” she told reporters on the sidelines of a press conference in Paris quoted by Bloomberg.

Additionally, following the British example. Le Pen said that before leaving the euro, she would hold a referendum on France’s relations with the European Union and has pledged to hold such a vote within six months of an election victory.

“A national currency could be linked to a common currency,” she added, without giving further details on the connection. She said she could see the EU setting up another currency like the ECU, or European Currency Unit, which the bloc used for internal accounting purposes before the euro was introduced in 1999.

As Politico noted overnight, the National Front chief has long called for “Frexit,” a French withdrawal from the European Union. This would happen after a referendum on EU membership if she was elected next May (Le Pen has suggested that she would step down if the French rejected her preferred outcome).

But this time she said that after a referendum, Europe should retain a common currency, the euro, in parallel to the French franc. It was the first time Le Pen had recognized, however implicitly, that withdrawing from the euro zone unilaterally could bring about currency fluctuations, which the ECU was designed to prevent. Most French voters do not support withdrawal from the European Union, according to polls in 2016.

“I want a national currency with the euro as a common currency,” Le Pen said on BFMTV. “What was the ECU [European Currency Unit]?” Well, among other things, it was a fixed-exchange rate precursor to the Euro, so that may not be the best option.

As Politico adds, the shift came as Le Pen launched her presidential campaign and unveiled a series of campaign proposals, including vows to retain France’s 35-hour legal working week, end birthright citizenship and rewrite the Constitution to slash the number of MPs.

On the euro, National Front cadres have repeatedly hinted that Le Pen could water down her position before the election. Brutal withdrawal from the euro zone is particularly unpopular with senior voters who want to protect their assets from currency fluctuations.

Still, Philippe Murer, Le Pen’s economic adviser, told POLITICO that her position on the currency had not changed fundamentally. A return to the ECU, a basket of European currencies that existed before the euro, was one of several options being studied in the event of a withdrawal from the Euro, he said. “With a return to the ECU, we could retain a trace of the euro,” said Murer, who is also Le Pen’s assistant at the European Parliament.

“We will only determine these questions after consulting the French people. The nation must be able to decide for itself.”

It may be a moot topic: having had a substantial lead in the polls earlier in 2016, according to more recent polls, Le Pen has found herself behind her primary challenger Francois Fillon in recent weeks, especially in the second round of the presidential election where Fillon would have a 65% lead. Then again, if 2016 taught us anything, it is that polls are almost always wrong.

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DogeCoin's picture

Le Pen, you're my hero <3. Vive la République!

MarketAnarchist's picture

Hey LePen this is a   *wait for it, wait for it*


GOLDEN opportunity

MillionDollarBonus_'s picture

Reports are coming out that Marine Le Pen is also working for the Russians. She suspiciously doesn’t see the need for retaliation to Russia’s aggressive expansionism, despite their blatant acts of aggression such as sailing through the English Channel and attempting to refuel in Spain. Only a psychopath or a Russian spy could oppose military action to stop Putin’s reign of terror. Just look at the images of the children in Aleppo! Putin is a monster!!!

gespiri's picture


froze25's picture

"Most French voters do not support withdrawal from the European Union, according to polls in 2016"

What reason should anyone believe the "polls" of 2016, they were repeatedly wrong.

Ghordius's picture

nah, it's a good ol' MDB comment, but no, France is different

yes, Marine Le Pen has Russian ties. for example she once got a Russian bank loan for her party

no, the conservative* candidate for the French Republican** party has better ties to Russia

Francois Fillon is a friend of Putin. and no, since France is not the US, that's not a problem

POLITICO goes as far as writing "Fillon, this friendliest of French FOPs (Friends of Putin)...", for example


(*) and (**) are of course both true and a bitter pill to swallow for some of our ZH readers

wildbad's picture

I love that a Russian tie?

Miss Informed's picture

In May the Russians will hack the election for her I'm sure.

nevertheless's picture

What did you not learn from the run up to the war on Iraq?

A) US politicians lie, sometimes about domestic issues, ALWAYS about foreign affairs.

B) The media always can be relied upon to disseminate politicians lies if those lies further war.

C) Behind the media, the politicians and the MIC are always the workings of the Zionists. 

Now, what has changed, do politicians now tell the truth, NO. Has the media been taken away from the powers that be and is now independent, NO. Is Israel now a nation of peace, and working to stop wars with Syria, Russia, Iran...basically anyone who is not currently under their central bank control, NO. 

But now they want us to buy into their next quest for destruction, Russia? Something changed in America when the powers that be wanted to attack Syria, and the America people said no. 

But rest assured, those in power are not accustomed to hearing no, especially when it comes to destroying those they do not like. The Zionist/Central Bankers/oligarchs not going to sit by and watch the west stop warring, they will devise a new scheme to create war. This whole media over reach is somehow part of this. How it fits together I can't say, but this disconnect between reality and the media is obvious, and troubling. 

techpriest's picture

In terms of "what changed," you should look into a certain AJ Spiker, how he got elected to chairmanship in the Iowa GOP, and how he became the first state GOP leader in (recent?) history to publicly oppose a war and ask his fellow party members to do likewise.

It didn't happen overnight, but there is a very straightforward way to make it happen more often. Just remember that "the GOP" and "the DNC" are ultimately made up of people, and those people are the ~0.2% of the population who like politics enough to actually show up to meetings. Maybe 1% of that 0.2% are PTBs with an agenda. We organize and send in 3% of the population to party meetings and you can flip a party upside-down.

mary mary's picture

Best MDB ever!   :-)   :-)   :-)

Those dang Russkies: still acting like Vikings, sailing their Russ warships defiantly past English, French, and Spanish bankers, pounding their shields as they beach their longboats at Assyria, scarily close to the Holiest of Holier Holy Lands, where Jehovah/God/Allah mated with a virgin who gave Him a son whom the Jews and Romans promptly whipped and nailed to a cross, so they could spend the next 2,000 years sanctimoniously killing each other....

Idaho potato head's picture

MDB Your'e back, your Russian bashing is so over the top on that one you could replace the meme of Jump the shark with MBDed.

GreatUncle's picture

MDB ... man keep up with the flow, Michelle = Michael okay ... /S

Aleppo children, no more sympathy there for the MSM propaganda neither ... what's the point in caring if you support funding rebels who will kill them as well? Russian or American bullet ... it is still a bullet. I do feel all western politicians should be forced to live in Aleppo however, with their children just to make the point that they are as expendable as those they supported to be killed by others.

DjangoCat's picture

"blatant acts of aggression such as sailing through the English Channel" MDB?  Are your knickers on to tight, hurts round the middle?   Poor baby.  Maybe Michael will come and hold your hand.

Antifaschistische's picture

No fiat will ever be fixed to a commodity...if you fix it to a commodity, it ceases to be fiat and behaves as receipt...which can be exchangable and looks like fiat.

The problem that Europe has is no free market for currencies.  Let your people use whatever currency they chose and the market will destroy the debt based currencies.  But the Fiat Money Changers knows this, so they must collude with the Rule Makers to make free markets illegal.   The greek people are boxed in by the Money Changers with NO options...make their own fiat?  sure, they could, and destroy all cross border commerce, because their trading partners are also boxed in.

It's the Money Changers vs. Civilization.  LePens dual currency phase in/phase out strategy is the only workable strategy.  Start small...and let the new currency slowly percolate through the economy.  Even if you start with coinage only....preferably made of nickel.  like a one dollar coin.  Then go to 5 and 10.  This will facilitate commerce at the lowest and most fungible level.

good luck...

Ghordius's picture

"The problem that Europe has is no free market for currencies"

let me debunk this: we even have private currencies, here in the eurozone

further, Greek debt in USD is increasing

Invinciblehandaxe's picture

the greek fuckers can go fuck themselves...they had the chance to get the fuck out and they didn't so no pity for them anymore

France go for it. You french fuckers need to wake the fuck up vefore you end up like greece. I know you french socialists like money for no work but this time you will need to work tho whole 8 hour shifts instead of your usual 5 hours. 


soniii's picture

haha as if americans did any effort, it's because of ur 8 credit cards and love for money that we are in this shit :D american dream my ass everybody can own a house car and job youhou, whos payin except irakian and syrian children.. but yeah will see how this election goes anyway ..

Ignatius's picture

The banksters ain't gonna like this.

nevertheless's picture

This is the kind of thing that did in JFK...seriously

man of Wool's picture

Its the EU that isn't going to like it one little bit. France and Germany are the heart of the EU. If Le Pen becomes president it will change the dynamic of the EU significantly. It might be the beginning of the end of the EU as we know it. It could very well split up into regions.

If Merkel loses power in the autumn the EU will be in crisis.

Brexit negotiations will become a lot more interesting.

Haus-Targaryen's picture

If she doesn't burn this to the ground she'll be Judas le Pen

Mass_hysteria's picture
Mass_hysteria (not verified) Jan 4, 2017 8:12 AM

Ops that touched the wrong nerve over there in the illuminati/zionist/jew run American federal reserve.


Will the jew in america have to invade France now because they want to be independent? Free from you sick, evil, wicked humans

Mass_hysteria's picture
Mass_hysteria (not verified) Mass_hysteria Jan 4, 2017 8:16 AM

Please dislike because then I know I'm throwing the right punches at you wicked people in America.


Please don't invade me and kill've already invaded the world for 70 years and stolen all the technology. You were a shithole before you stole all the nazi's stuff.


The commies won that war, not you, so don't paint more illusions, you have enough of those in your fake american freedom soceity anyway.

gladih8r's picture

Merkel and Soros must be getting seriously pissed off about this development.  So much evil to do and yet less and less people want in on the action.

mary mary's picture

Dang!  I'm an American and I upvoted that.

Miss Informed's picture

There is something new under the sun today. A sassy reply to your own comment is something I've never seen before. And to top it off both comments were worthy of upvotes.

GreatUncle's picture

Got fuck all to do with the American people, the truth is hidden behind the US elites closed doors.

Biggest give away those is the headquarters of the elites tools of power like the UN are where in the world?

You will never find that place far from the seat of power!

TheReplacement's picture

Ze Germans certainly had advanced technology but not the manufacturing base nor resources.

Ze Soviets had the manpower but not the manufacturing base nor military leadership capabilities.

Germany probably would have beaten the Russians without the western allies providing men (trained pilots), weapons (planes, tanks, guns, munitions), money, bombing the shit out of the Axis all the while, and taking away North Africa and its oil.

Only America could have beaten (certainly not a certainty) Germany alone and that is only because of the ocean between us and Eurolandia.

Nomad Trader's picture

Chances of that happening zero

847328_3527's picture

Chances of Donald getting elected less then 1% Woof Bitzer screamed on TV the morning of the election.

lil dirtball's picture

Still watchin' the (((TV))), eh?

Mike Masr's picture

I love Marine Le Pen!  I wish I was French so I could vote for her!!!

RonnieM's picture
RonnieM (not verified) Jan 4, 2017 8:15 AM

I don't know. I live in London and I just say that France has always been envious of England and they try to do actions to make themselves seem more superior. It is that simple. I don't think Le Pen is thinking this through all the way. 

Ghordius's picture

"France has always been envious of England and they try to do actions to make themselves seem more superior"

Blair. telling "Saddam has WMDs"

there are whole shelves of books on the old France vs England thing. my favourite is a British book called "1'000 years of annoying the French". excellent British humour there

meanwhile, Brits calculate their weight in what? stones? or scones? I always forget, I'm a metric guy

GreatUncle's picture

Ghordius, mention the name Blair in the UK!

Blair. telling "Saddam has WMDs"

People growl and bare their teeth at the utter piece of shit of British history.

Keeps trying to make a comeback, every comment I have heard is "that cunt can fuck off he needs hanging".

As for France / UK, William the conqueror was Norman, as in from the north of France.

My surname is descended from Richard le Deque of the Norman Conquest, but a true mongrel of mixed Celt & Pict blood. There will be Saxon in it too.

medium giraffe's picture

we calculate the weight bearing down upon us in stone of scone


(and fuck you Tony Blair)

Miss Informed's picture

Could it be that they keep rejecting vassalage to the Anglo American empire?

mary mary's picture

Well, the French are not envious of English food.  Or English weather.  Maybe the French are envious of the Scottish Agricultural Revolution, the Scottish Industrial Revolution, or Scottish Presbyterianism.

Ghordius's picture

French and Scots take great pride at their friendship. the "Auld Alliance" and all that

"In every combat where for five centuries the destiny of France was at stake, there were always men of Scotland to fight side by side with men of France, and what Frenchmen feel is that no people has ever been more generous than yours with its friendship."

moonshadow's picture

But just remember: "The Scot['s...] love for their 'auld' ally had never been a positive sentiment nourished by community of culture, but an artificially created affection based on the negative basis of hatred of England, and merely for the benefits brought by the philosophical theory that" 'the enemy of my enemy is my friend'. And even that's in doubt since the independence vote a couple years back

GreatUncle's picture

But can't the English just keep on hating both ... its so much easier.

Next time there is a vote for Scottish independence the English can vote too ... ejected, you don't leave.

A standard reply from many an english during the referendum, "we want to vote Scotland can leave then it is done and no more whining, you get the one time choice to live in Scotland or England". After that you rebuild Hadrians wall.

I think that emperor was certainly onto the right thing 2 millennia ago.

mary mary's picture

Everyone has a heritage to be proud of.  Maybe part of why I'm not a fan of P.C.  P.C. seems to me to be an attack on people's sense of heritage.

OverTheHedge's picture

You forgot the Scottish Empire, Scot-Pop, the stiff Scottish upper lip, the Scottish sense of fair play and Scottish stately homes and architecture.

Sandmann's picture

French know Scottish and English beef is the best; they buy Scotch, they know Welsh and English lamb is superior and they are well aware that animal welfare is far higher in Uk than in any EU country. You should try French food - outside select restaurants and homes it is crap

mary mary's picture

:-)  Good points. Thanks.  Right, one and all.  Not to pick on the English so much.  It's just that, the way I see it, their government has always had it a bit easier, just because England is an island.  And I figured somebody should stand up for the French.  Why not?  Their government appears to me to be no more and no less crooked than any others.  I must not forget, though, that they bombed Libya, opening up the Pandora's Box of migrant terrorism in Europe.  So, crooked that time.

falak pema's picture

They are envious of Scotland for having the creator of Harry Potter and also for having some awesome countryside.

I think the French love the British sense of humour but hate its sense of puritanism.

There is a movie that explains the deep down sentiment of the french towards English "art de vivre" : The secret life of Sherlock holmes; Where Sherlock is heard to say (to beat off the advances of a Russian Ballerina queen who wants him to sire her a son : your brains and my charms will make a super combination); when he replies :

"Not only are we English known to have the poorest food in the world but we beat that by being the worst lovers in the world. I think you can do better than having Sherlock sire your progeny as you will never know my true penchants in terms of sexual preference !"

I think that dialogue (written by Billy Wilder) summarises in a nutshell the witty and self deprecating humour of the Brits which does not hide its own foibles from its own self appraising candour; noblesse oblige!

Might I add that since the sexual revolution, British men have allegedly made progress in the domain of sex  relative to their euroneighbours to outperform Victorian counterparts in other ways than kinky sado-masochistic histrionics.

As Norman Mailer very tritely said : At last, we Americans have learned how to f*** ! When describing the 1980s.

If you read the new revelations about Jackie Kennedy's own secret sex life she apparently had nothing to envy her dead husband and ex-President; some of it was "all in the famiglia" !

Begads. What happened to Camelot?