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Is France the elephant in the poorly-designed Euro room?


MacCoise2

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Nov 20, 2009
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Exclusive: Worried Germany seeks study on French economy - sources | Reuters

German Finance Minister Wolfgang Schaeuble has asked a panel of advisers to look into reform proposals for France, concerned that weakness in the euro zone's second largest economy could come back to haunt Germany and the broader currency bloc.
"Concerns are growing given the lack of action of the French government in labor market reforms," Lars Feld, an economist who sits on the panel, told Reuters.

Although Schaeuble raised the prospect of a report on France with members of the council this week, Feld and the finance ministry made clear that the government had not submitted a formal request. The ministry declined comment on "unofficial discussions" of the minister's affairs in general

French President Francois Hollande, in office for roughly half a year, is under intense pressure to reform an economy that is losing competitiveness relative to its larger neighbor Germany and southern European countries that have enacted far-reaching measures in the euro crisis.

This week, in response to calls by industrialist Louis Gallois for cuts in labor charges to reverse decades of industrial decline, the government announced it would grant 20 billion euros in annual tax credits to companies as a way of lowering labor costs.



Is France heading towards catastrophe?

Maybe its a prejudice but when I think of overinflated bureuacracies and stifled labour markets France comes to mind.....

Then again to hvae survived this far relatively unharmed must prove that this is a resilient and sound economy. Doesn't it?
 

collina

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How come elephants always get to be in the room whereas dogs are always on the street.

************************************ cliches should be lined up and shot.
 

Clanrickard

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France circa 2050 on present trends..............

 

ScreeOrTalus

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Is "Is France the elephant in the poorly-designed Euro room?" a contrived title for a thread?
 

Fractional Reserve

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France are up to their TITs in Debt .Plus there had a lunatic socialist for a leader who will run anyone with a few euros out the door.
Give France about 15 months or so and the Swhtf , happy days
 

feedmelies

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France is indeed in a bad place. Their unemployment at 10.8% is far worse than the UK, Netherlands, USA, Belgium, and is on par with Italy. They also have very high debt levels and a huge trade deficit. Their manufacturing as a % of total economy is the lowest in the OECD apart from Greece.

Reform is definitely needed, and I'm not sure if Hollande is either willing or capable to do it.
 

Dublin 4

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Bon appetit Doomporn Voyeurs :shock2:

The number of unemployed people in France has topped three million for the first time since 1999, according to latest labour ministry figures.


BBC News - French unemployment tops 3 million as economy struggles

The Official French GDP $2.774 trillion

FRANCE’S NATIONAL DEBT

Admitted Sovereign Debt $2.261 trillion

Loans to the Nation $214.9 billion

Admitted Bank Guaranteed Debt $479 billion

Dexia Guarantee $55.48 billion

Total National Debt $3.010 trillion

FRANCE’S EUROPEAN DEBT

France’s Liabilities at the ECB $569 billion

France’s cost for the EU Budget $23.2 billion

France’s Liabilities for the Stabilization Funds $110 billion

France’s Liabilities for the Macro Fin Ass. Fund $203 billion

France’s Guarantee of the EIB Debt $137.6 billion

France’s Total European Debt $1.043 trillion

France’s National and European Debt $4.053 trillion

France’s Official Debt to GDP Ratio 86.1%

France’s ACTUAL Debt to GDP Ratio 146%


The True French Debt To GDP: 146% - From Mark Grant, author of Out of the Box, and onto Wall Street | ZeroHedge
 

Ribeye

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America is the elephant, china is the, em, buffalo, France is more like a gazelle or something!
 

Spanner Island

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France is well and truly f***ed and Hollande and his cronies ain't going to fix it...

The French are far too pampered and willing to screw future generations for that pampering...

It should surprise no-one that France is regularly sited by lefties everywhere as the model to follow... :roll:
 

Spanner Island

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France is indeed in a bad place. Their unemployment at 10.8% is far worse than the UK, Netherlands, USA, Belgium, and is on par with Italy. They also have very high debt levels and a huge trade deficit. Their manufacturing as a % of total economy is the lowest in the OECD apart from Greece.

Reform is definitely needed, and I'm not sure if Hollande is either willing or capable to do it.
Lefties generally aren't prepared to do anything close to what's necessary...

All they ever propose is to tax the rich and business into exile and/or into oblivion...

The left are morons...

And regarding our 'debt deal'... with all of the EU including Germany now a bit screwed because of the abysmal failure of national and EU 'establishments' to deal with the debt and €uro crisis I wouldn't go expecting any deal on our debt...

And if any crumbs do fall off the table (which Kenny & Co. will claim is the 'deal'), I'm convinced we will only get them in return for things like our corporation tax etc.

Our government don't seem to be clued into the fact that no deal is going to be done based on the fact that we were screwed...

All sorts of extraneous bullsh!t is going to be dragged into it...

That's why the Germans are telling us to make a case for ourselves...

I'm convinced they see our corporate tax rate as being part of the case they want us to make... the b*stards...
 

BlackLion

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Oct 21, 2010
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France are up to their TITs in Debt .Plus there had a lunatic socialist for a leader who will run anyone with a few euros out the door.
Give France about 15 months or so and the Swhtf , happy days

Shhhhhhh The socialists on here believed him to be the messiah back in may.
 

Asparagus

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How come elephants always get to be in the room whereas dogs are always on the street.

************************************ cliches should be lined up and shot.
Cliches will be the first with their backs against the wall when the revolution comes.
 

Howya

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Feb 29, 2012
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Interesting to see Schaeuble is now lining up to dictate to France in the same manner as he has to Ireland.

Will Hollande take it lying down?

Will the French budget be leaked/discussed by the Bundestag before the French National Assembly?
 

Watcher2

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Exclusive: Worried Germany seeks study on French economy - sources | Reuters

German Finance Minister Wolfgang Schaeuble has asked a panel of advisers to look into reform proposals for France, concerned that weakness in the euro zone's second largest economy could come back to haunt Germany and the broader currency bloc.
"Concerns are growing given the lack of action of the French government in labor market reforms," Lars Feld, an economist who sits on the panel, told Reuters.

Although Schaeuble raised the prospect of a report on France with members of the council this week, Feld and the finance ministry made clear that the government had not submitted a formal request. The ministry declined comment on "unofficial discussions" of the minister's affairs in general

French President Francois Hollande, in office for roughly half a year, is under intense pressure to reform an economy that is losing competitiveness relative to its larger neighbor Germany and southern European countries that have enacted far-reaching measures in the euro crisis.

This week, in response to calls by industrialist Louis Gallois for cuts in labor charges to reverse decades of industrial decline, the government announced it would grant 20 billion euros in annual tax credits to companies as a way of lowering labor costs.



Is France heading towards catastrophe?

Maybe its a prejudice but when I think of overinflated bureuacracies and stifled labour markets France comes to mind.....

Then again to hvae survived this far relatively unharmed must prove that this is a resilient and sound economy. Doesn't it?
The whole of Europe is heading for catastrophe. The place is fuppered and has too much debt and that debt pile is increasing.
 

SilverSpurs

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Nov 27, 2009
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5,550
Exclusive: Worried Germany seeks study on French economy - sources | Reuters

German Finance Minister Wolfgang Schaeuble has asked a panel of advisers to look into reform proposals for France, concerned that weakness in the euro zone's second largest economy could come back to haunt Germany and the broader currency bloc.
"Concerns are growing given the lack of action of the French government in labor market reforms," Lars Feld, an economist who sits on the panel, told Reuters.

Although Schaeuble raised the prospect of a report on France with members of the council this week, Feld and the finance ministry made clear that the government had not submitted a formal request. The ministry declined comment on "unofficial discussions" of the minister's affairs in general

French President Francois Hollande, in office for roughly half a year, is under intense pressure to reform an economy that is losing competitiveness relative to its larger neighbor Germany and southern European countries that have enacted far-reaching measures in the euro crisis.

This week, in response to calls by industrialist Louis Gallois for cuts in labor charges to reverse decades of industrial decline, the government announced it would grant 20 billion euros in annual tax credits to companies as a way of lowering labor costs.



Is France heading towards catastrophe?

Maybe its a prejudice but when I think of overinflated bureuacracies and stifled labour markets France comes to mind.....

Then again to hvae survived this far relatively unharmed must prove that this is a resilient and sound economy. Doesn't it?
The french are not capable of self government. They have not balanced their budget since decolonisation which might explain why they resisted it with every ounce of their being and why they are trying to revive it via the EU's CFSP.
Their solution is to listen to the charlatan who promises bigger government and taxing job creators out of existence!!!
They carry an agriculture sector that is kept afloat by now dwindling CAP subsidies and a bloated public sector that can't be sacked, throw in an aging population with a relatively early retirement age, throw in the expectation of universal healthcare and a fantastic pension, throw in a growing set of unwanted minorities.......you can work the rest out yourself.
 

Analyzer

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Feb 14, 2011
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Unemployment in Norway, Iceland, and Switzerland is low.

The worst region for unemployment in the England is Tyneside. And Tyneside always solidly votes for the Looper Party, and is dominated by it at local level.
 

asset test

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Oct 3, 2008
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They carry an agriculture sector that is kept afloat by now dwindling CAP subsidies and a bloated public sector that can't be sacked, throw in an aging population with a relatively early retirement age, throw in the expectation of universal healthcare and a fantastic pension, throw in a growing set of unwanted minorities.......you can work the rest out yourself.
Sound like Ireland to me....

It's the total mind boggling bureaucracy involved in setting up small and medium business over there that will ultimately be their downfall, IMO.

But they have to give their PS something to do.
 

cottage_economist

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Nov 7, 2009
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So what's that little island in the west? The brown one, lets see ..... oh dear they're not doing too well are they? I hope they're not the ones criticising France.
 
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