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Markets wrong to think Le Pen will win, will lose money - Sapin
February 7, 2017 / 3:23 PM / 10 months ago

Markets wrong to think Le Pen will win, will lose money - Sapin

PARIS, Feb 7 (Reuters) - Far-right leader Marine Le Pen will never be elected in France and financial markets are bound to lose a lot of money if they bet against French assets, Finance Minister Michel Sapin said on Tuesday.

Sapin, a French political veteran, said some investors didn’t seem to understand the French electoral system, which he said would guarantee anyone facing Le Pen in May’s presidential election runoff an easy victory with about 60 to 70 percent of votes.

“That’s the reason why Marine Le Pen will never be elected in France,” Sapin told Reuters and a group of European journalists.

“Saying: ‘since we were wrong once, wrong twice, we’re wrong on Le Pen’ is to not understand anything about France,” Sapin said.

Referring to a rise in French borrowing costs in recent weeks on uncertainty regarding the French election, Sapin said:

“Those who, in good faith or by speculation, bet against France because they think Le Pen can win are not only wrong, but I’ll be frank: they will lose a lot of money.”

Reporting by Michel Rose; Editing by Andrew Callus

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