FT learned about the withdrawal of funds by the French abroad amid the political crisis

In France, entrepreneurs and wealthy residents of the country have begun withdrawing funds and assets to Luxembourg and Switzerland amid the country's political crisis and instability. This was reported on October 19 by the Financial Times (FT) newspaper, citing asset managers, bankers and lawyers.

"Entrepreneurs and wealthy families are investing record amounts in Luxembourg annuities and transferring other funds to supposedly secure locations such as Switzerland," the article says.

According to Guillaume Lucchini, founder of the asset management company Scala Patrimoine, currently most of the assets managed by the company are no longer located in France. He clarified that this process is only gaining momentum.

The publication notes that this situation with the withdrawal of funds from the country arose after French President Emmanuel Macron announced early parliamentary elections in June last year, which significantly affected the political situation and limited the environment for business development.

Presidential term: Sarkozy's sentence intensifies the political crisis in France

The former head of state was sentenced to five years in the "Libyan case", but acquitted of the most serious charges.

On October 17, it was reported that more than half of French residents admitted that they feel ashamed because of the current political situation. According to the survey, 39% of respondents experience despair, 35% — fatigue, 21% — sadness, and 18% — fear. Only 5% reported hope, and only 2% expressed pride in the country.

The Wall Street Journal newspaper noted on October 7 that even Macron's supporters express concern about his policies. According to the newspaper, they fear that their leader may "push the architecture of French democracy to the limit" amid the growing political crisis.

All important news is on the Izvestia channel in the MAX messenger.