Posted on 06/29/2015 5:19:28 PM PDT by dynachrome
French Finance Minister Says Economy in Dire Straits, Predicts Two Atrocious Years Ahead (TS//SI//NF) (TS//SI//NF) The French economic situation is worse than anyone can imagine and drastic measures will have to be taken in the next 2 years, according to Finance, Economy, and Trade Minister Pierre Moscovici.
On 19 July, Moscovici, under pressure to reestablish a preretirement unemployment supplement known as the AER, warned that the situation is dire. Upon learning that there are no funds available for the AER, French Senator Martial Bourquin warned Moscovici that without the AER program the ruling Socialist Party will have a rough time in the industrial basin of the country, with voters turning to the rightwing National Front. Moscovici disagreed, asserting that the inability to reinstitute the AER will have no impact in electoral terms, besides, the situation with faltering automaker PSA Peugeot Citroen is more important than the AER.
(COMMENT: PSA has announced plans to close assembly plants and lay off some 8,000 workers.)
Moscovici warned that the 2013 budget is not going to be a "good news budget," with the government needing to find at least an additional 33 billion euros ($39.9 billion). Nor will 2014 be a good year. Bourquin persisted, warning that the Socialist Party will find itself in a situation similar to that of Socialist former Spanish President Zapatero, who was widely criticized for his handling of his country's debt situation. Moscovici countered that it was not Zapatero whose behavior the French government would emulate, but rather Social Democrat former German Chancellor Gerhard Schroeder.
(COMMENT: Schroeder, chancellor from 1998 to 2005, was widely credited with helping to restore German competitiveness. He favored shifting from pure austerity measures to measures that encourage economic growth and advocated a common EU financial policy.)
It’s Zero Hedge. Better than Debka, I suppose.
Increase taxes from 90% to 99%. Duh.
Even my lib hubby suprised me tonigbt and said this country is falling apart.
That’s pretty funny—Durden, AKA whoever, pitching diversion propaganda for Greece, Italy and Spain. He’s not going to chase bonds out of France and Germany all by himself.
We don’t give a damn about any trumpet playin’ band.
haha. He beat me to it.
And yet they have money to give to the PLO, and BDS Israel.
Thousands of French Jews have left each year for the past 2 years because of Muslim violence and French Jew hatred.
1. Their agricultural output is still highly desired, especially the wine industry and dairy industry (primarily cheese production).
2. France's large number of nuclear power plants provide power not only to France, but to nearby countries.
3. And the biggest moneymaker, Airbus SAS, especially now that Airbus is ramping up A350XWB production (this plane already will make more money than the giant A380).
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