France Crisis: Last gasp coalition efforts as pressure on Macron intensifies

WATCH: CGTN's Sarah Coates reports on the French political crisis.

Yet another deadline day in France in its seemingly never-ending political drama.

Major political parties have been trying to grind out a deal with caretaker Prime Minister Sebastien Lecornu, to form some kind of mildly durable coalition – something France hasn't had for a long time. The talks came after President Emmanuel Macron told Lecornu to find a way forward by Wednesday evening.

But the plot twist had already come and gone. Lecornu, France's fifth prime minister in less than two years, resigned on Monday, just a day after unveiling his new cabinet. It was the shortest ever administration in modern French history.

'Momentum and convergence'

Ahead of his meetings on Wednesday, and despite seemingly intractable differences, Lecornu embraced Macron's challenge with gusto and optimistic zeal, at least outwardly. He said fresh elections were looking less likely, and that he hoped the country would have a budget by the end of the year.

"This evening, I will go to the Elysee Palace to present to the President the solutions that are on the table, if we manage to find any" Lecornu said.

He spoke of a "shared will" among all sides that was "creating momentum and convergence."

Whether that was based on reality or pure hope will soon become clear.

By mid-morning on Wednesday, following his meeting with Lecornu, Socialist Party leader Olivier Faure presented a rather more blunt and familiar outlook:

"Our party cannot back the current budget plan" Faure said. "We have no guarantee that pension reform will be suspended."

And it's pension reform that is at the very heart of the the French political crisis, including a plan to raise the country's retirement age from 62 to 64. It's seen by many as a crucial and non-negotiable part of tackling France's spiralling national debt.

"Changing the pension reform will cost hundreds of millions in 2026 and billions in 2027" warned the acting Finance Minister Roland Lescure on Wednesday. 

So the unbridgeable impasse looks alive and well, despite Lecornu's mood music. But the gap on pensions is certainly not the only impasse. As the talks in Paris were taking place, far-right National Rally leader Marine Le Pen promised that she would "vote against everything."

"The problem with our political leaders today is that they get on the horse not to go somewhere, but for a rodeo," said Le Pen on Wednesday, repeating her call for President Emmanuel Macron to dissolve parliament and call an election – something he's under immense pressure to do.

So, what are the possible plot scenarios – and is there an ending?

If there's no agreement on a coalition:

Macron could bow to pressure and call another parliamentary election, with a vote as early as November. But polls show that would likely weaken his allies and boost the number of seats held by the National Rally, which already holds 120 out of the total 577.

Macron could resign himself, and call an early presidential election. So far, he's ruled out that option, with 18 months of his term remaining. And some analysts argue that his successor would simply inherit the same problem.

If a coalition is agreed:

Macron would have to name a sixth prime minister in under two years. After just 27 days in the job, Lecornu says he doesn't want to reverse his decision to quit. 

So, who could Macron appoint that could break the mold and make things work? One purely political option might be to give the job to a socialist – thereby keeping them in the fold but compromising on (or even dropping) plans for economic reform, including pensions. 

It would be seen as a political sticking plaster, one that could see Macron through to the end of his term. But it would also be a U-turn and a total political defeat for his economic ideology. And economically, those who sit in France's center ground, including Macron himself, believe it would be a disaster for the country.