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EU: French economy buckles as car sales collapse
The Telegraph ^ | 12/3/2012 | Ambrose Evans-Pritchard

Posted on 12/03/2012 5:24:29 PM PST by bruinbirdman

France’s industrial woes deepened last month as car sales crashed 19pc and French brands lost market share at an dramatic pace, raising fears of a serious economic crisis next year once austerity hits.

Markit’s purchasing managers’ index (PMI) for French manufacturing remained stuck in slump in November at 44.5 and is now the weakest in the eurozone after Greece.

"The figures are shocking," said sovereign debt strategist Nicholas Spiro. "France has been sailing dangerously close to the wind for some time but is now tipping into outright contraction."

The Committee of French Automobile Producers said this has been the worst year for French car industry since 1997 - and for almost half a century in total volume - with little chance of recovery next year as Paris pushes through scorched-earth fiscal tightening of 2pc of GDP to meet EU deficit targets.

Sales of French cars fell 28pc in November from a year earlier, with Citroen down 26pc and state-owned Renault down 33pc. Foreign brands fell just 7.9pc. "The middle class, which tends to buy standard French cars of between €10,000 and €20,000, has been particularly badly hit by the crisis," said the CFFA.

The severity of decline stunned analysts and suggests that France has at last been engulfed by the festering crisis across the Mediterranean region.

The country has been bouncing along at near zero growth for a year and half but has managed to keep out of technical recession, partly because it has been cocooned by a Leviathan state and has put off hard decisions.

The economy seems to have buckled abruptly over the Autumn, sheding more than 40,000 jobs a month. Unemployment has risen to a euro-era high of 10.7pc.

The French car industry is still a pillar of the economy, employing 400,000 workers,

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Crime/Corruption; Government; News/Current Events
KEYWORDS: europeanunion; france; hollandetaxhike

1 posted on 12/03/2012 5:24:31 PM PST by bruinbirdman
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To: bruinbirdman

Well hell, just bail em out.

It worked here so well.


2 posted on 12/03/2012 5:30:47 PM PST by unixfox (Abolish Slavery, Repeal The 16th Amendment!)
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The solution is increase taxes, right?


3 posted on 12/03/2012 5:34:40 PM PST by Hayride
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To: bruinbirdman

Just tax the rich some more and subsidize the car purchases.

Problem solved, right?


4 posted on 12/03/2012 5:42:13 PM PST by tcrlaf (Well, it is what the Sheeple voted for....)
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To: bruinbirdman

They decided to hand over their country to full-bore socialists; what did they expect?


5 posted on 12/03/2012 5:42:54 PM PST by eclecticEel (Life, Liberty, and the Pursuit of Happiness: 7/4/1776 - 3/21/2010)
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To: bruinbirdman

“put off hard decisions” !!!
That has worked here. Why is is not working there?


6 posted on 12/03/2012 5:45:08 PM PST by Malesherbes (- Sauve qui peut)
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To: bruinbirdman

"I thought I parked it over here. You know I was just saying to my wife the other day, I think I mentioned that she drives the new car, but we haven't been able to come up with a down payment for a new one for me...."

"Aw heck, I'm sorry to bother you, just one more question:"

7 posted on 12/03/2012 5:49:56 PM PST by P.O.E. (Pray for America)
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To: tcrlaf

The socialists in Europe did all they could to put off their crash until Obama won reelection. Now their “comrade” can use our money to bail them out.

If this plays out the way I thi k it will either the messiah will be dictator for life or in prison.


8 posted on 12/03/2012 5:55:08 PM PST by WMarshal (Free citizen, never a subject or a civilian)
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To: bruinbirdman

15-30,000 bucks for a car that looks worse than a 1940 Volkswagon Beetle. Yeah, France is in trouble all right.


9 posted on 12/03/2012 6:02:08 PM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: bruinbirdman

Why is it that National Socialist’s always make such Buttugly cars?


10 posted on 12/03/2012 6:06:21 PM PST by American in Israel (A wise man's heart directs him to the right, but the foolish mans heart directs him toward the left.)
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To: bruinbirdman

I know, it’s more of that “espoir et changement”, right?


11 posted on 12/03/2012 6:07:53 PM PST by Charles Martel (Endeavor to persevere...)
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To: American in Israel
When I was a kid in the 50s, one of our neighbors was an eccentric old guy that owned a couple of Citroen DSs.


12 posted on 12/03/2012 6:12:10 PM PST by nascarnation (Baraq's economic policy: trickle up poverty)
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To: bruinbirdman

No worries.

Just do as King obama.

Bailout out the car companies with billions in taxpayer money and give the car companies to the unions...


13 posted on 12/03/2012 6:15:30 PM PST by 2banana (My common ground with terrorists - they want to die for islam and we want to kill them)
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To: bruinbirdman

Those poor people. We’re doing so well, why don’t we just loan them our President for the next 4 years. He’ll fix it all up for them.


14 posted on 12/03/2012 6:18:42 PM PST by tacticalogic ("Oh, bother!" said Pooh, as he chambered his last round.)
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To: bruinbirdman

Isn’t it about the time of year that the so called Asian Yout’s do their annual CarBQ?


15 posted on 12/03/2012 6:21:48 PM PST by fudimo
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To: bruinbirdman

16 posted on 12/03/2012 6:26:31 PM PST by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: bruinbirdman

17 posted on 12/03/2012 6:27:14 PM PST by Revolting cat! (Bad things are wrong! Ice cream is delicious!)
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To: bruinbirdman

How do you say, “Cash for Clunkers” in Frog?


18 posted on 12/03/2012 6:48:43 PM PST by razorback-bert (I'm in shape. Round is a shape isn't it?)
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To: nascarnation
a guy i know had a 1972 SM with the Maserati engine...

19 posted on 12/03/2012 7:03:07 PM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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To: bruinbirdman
They could always use the Cash for Clunkers program.

But would that not just continually recycle the cars they make?

20 posted on 12/03/2012 7:15:29 PM PST by SledgeCS (Good Men Died. Obama Lied. Impeach the LYING COWARD!!!)
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To: bruinbirdman

I haven’t seen a report about car-b-ques for months, perhaps this is why sales are down? Another summer of discontent will get those sales back up there in a flash.


21 posted on 12/03/2012 7:15:29 PM PST by NonValueAdded (If you can keep your head when all about you are losing theirs, you've likely misread the situation.)
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To: unixfox

did the Muslims stop buring them?


22 posted on 12/03/2012 7:22:43 PM PST by Chickensoup (Leftist Totalitarian Fascism coming to a country like yours.)
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To: unixfox

Did the Muslims stop burning them? I thought hundreds each night were burned for months on end.


23 posted on 12/03/2012 7:23:47 PM PST by Chickensoup (Leftist Totalitarian Fascism coming to a country like yours.)
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To: bruinbirdman

If only Hurricane Sandy made a right turn instead of a left turn, the Frenchies would be as happy as Obama visiting Lenin’s Tomb.


24 posted on 12/03/2012 7:36:32 PM PST by Kickass Conservative (As they say in China, erections have consequences...)
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To: Chode

It had some kind of central hydraulic pump system for the suspension, brakes, power steering, and auto trans.
It was really an advanced concept but not reliable and plagued with leaks.

It was funny, the guy was an old farmer, and also a driving instructor at the high school, practical as hell in everything else he did, but loved those Citroens. They had a deal where you could raise one wheel up to change a tire without using a jack. He loved to demonstrate that feature.

That old guy taught me a lot about tractors and machinery. I hope they gave him a Citroen to work on in heaven.


25 posted on 12/04/2012 7:38:40 AM PST by nascarnation (Baraq's economic policy: trickle up poverty)
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To: nascarnation
yup, the guy forgot to lower the car one night and came out to find it on the ground in a puddle of hydraulic fluid... blew a seal

you could actually drive on three wheels if you had a flat too

the SM would do 130mph no problem

26 posted on 12/04/2012 2:53:48 PM PST by Chode (American Hedonist - *DTOM* -ww- NO Pity for the LAZY)
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