Nov. 13, 2012: French President Francois Hollande addresses reporters during a press conference held at the Elysee Palace in Paris. (AP/POOL Reuters)
France: Rebellion of the CEOs -- FOX News
You know a European country is in trouble when its business leaders complain about government spending and taxes. You know it’s seriously in trouble when it happens in France, whose business elites are more left-wing than the left.
Nearly 100 French CEOs, among them the heads of Accor, the hotel chain, Air France, Carrefour, L´Oréal, Peugot, Siemens, SociétéGénerale and Veolia, the giant waste and water utility, are urging socialist President Francois Hollande to reduce government spending by 60 billion euros (about $76 billion) over the next five years, and reduce payroll taxes by 30 billion euros over the next two years. The cost of government, they say, has reached “the limits of what is bearable.”
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My Comment: These concerns are genuine, especially when one neighboring country (Spain) finds itself in the depth of a severe depression from following the same policies that the French government wants to implement now. Not surprisingly .... his popularity is in the toilet, but fortunately for Hollande, the next French Presidential election is years from now.
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