French President Francois Hollande (Reuters)
French Business Erupts In Fury Against "Disastrous" François Hollande -- The Telegraph
France is sliding into a grave economic crisis and risks a full-blown “hurricane” as investors flee rocketing tax rates, the country’s business federation has warned.
“The situation is very serious. Some business leaders are in a state of quasi-panic,” said Laurence Parisot, head of employers’ group MEDEF.
“The pace of bankruptcies has accelerated over the summer. We are seeing a general loss of confidence by investors. Large foreign investors are shunning France altogether. It’s becoming really dramatic.”
MEDEF, France’s equivalent of the CBI, said the threat has risen from “a storm warning to a hurricane warning”, adding that the Socialist government of François Hollande has yet to understand the “extreme gravity” of the crisis.
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My Comment: Why should French businessmen (or anyone else in France) be surprised. François Hollande is a committed Socialist who ran and promised to implement a socialist agenda. He is doing what he promised .... and yes .... what he promised will end up downsizing and/or eliminating much of France's entrepreneurial class. I have only one piece of advice to the French electorate .... in the future do not vote for a person who promises to do such things.
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