Le Pen Presidential Campaign Threatened By Russian Bank Failure
Tyler Durden’s picture
by Tyler Durden
Dec 27, 2016 2:45 AM
A problem has emerged for France’s anti-immigrant, anti-Euro presidential frontrunner, Marine Le Pen, and it has little to do with being behind in the polls ahead of the 2017 presidential elections, far from it. It has, however, everything to do with something far simpler: money, as the National Front leader is suddenly struggling to raise the €20 million ($21 million) she needs to fund the French presidential and legislative campaigns in 2017 after the party’s Russian lender failed, the party treasurer said.
This past July, the Central Bank of Russia revoked the license of the National Front’s Moscow-based lender First Czech Russian Bank OOO and Le Pen’s party has still to find another backer, according to treasurer Wallerand de Saint Just. Saint Just said he’s seeking international financiers in countries including Russia because French banks have refused to fund his party.
In a phone interview with Bloomberg, Saint Just said that “the loss of the FCRB was a hard blow for us” adding that “the Russia loan was a stable resource. Now we are still searching for loans.”
And, since a Le Pen victory threatens to be the final straw that crushes the European establishment camel, it is no surprise that no existing financial organizations are willing to provide her with the funds she may need to crush them.
Last week, the French Le Parisian reported that a U.S. investment bank was preparing to lend the party $20 million in August, but pulled the plug on the deal at the last minute.