Premier of Quebec
After the Yes side lost the 1995 referendum, Parizeau resigned as Quebec premier. Bouchard was acclaimed his successor as leader of the Parti Québécois in January 1996, and was appointed premier of Quebec shortly afterward.
On the matter of sovereignty, while in office, he stated that no new referendum would be held, at least for the time being. A main concern of the Bouchard government, considered part of the necessary "conditions gagnantes" ("winning conditions" for the feasibility of a new referendum on sovereignty), was economic recovery through the achievement of "zero deficit". Long-term Keynesian policies resulting from the "Quebec model", developed by both PQ governments in the past and the previous Liberal government had left a substantial deficit in the provincial budget.
Bouchard led the PQ into the 1998 provincial election. He faced his former Cabinet colleague, Charest, who was now leader of the Quebec Liberal Party. Although the Liberals won a narrow plurality of the popular vote, most of their votes were wasted on huge majorities in federalist areas of the province. As a result, the PQ suffered a net loss of only one seat, allowing it another term in government.
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