France’s job czar embarrassed Socialist Party President Francois Hollande with weekend claims the country is “totally bankrupt,” according to various media.
But now French politicos are fighting back, calling Labor Minister Michel Sapin’s depiction of the nation’s fiscal health as inappropriate, and untrue.
“France is a truly solvent country, France is a truly credible country,” said Finance Minister Pierre Moscovici, in a BBC report.
Mr. Sapin made his bankruptcy remarks during a Jan. 27 radio address, during which he spoke of the need for an austerity plan.
“It is a totally bankrupt state,” Mr. Sapin said then, according to a report in The Independent. “That is why we had to put a deficit reduction plan in place, and nothing should make us turn away from that objective.”
His statements reportedly sent shockwaves through the business community.
And on Tuesday, government officials were scrambling to give the public assurance of a solvent national economy.
Meanwhile, union members from several companies gathered outside Mr. Sapin’s office, Bloomberg News reported, in protest of job cuts that have led to the highest level of unemployment claims in France in 15 years.
This is the latest in a line of fiscal headaches for the nation.
Mr. Hollande’s hefty tax policies targeting the wealthy to the tune of a 75 percent rate have led to one very public backlash: Hollywood actor and Frenchman Gerard Depardieu announced he was leaving the nation due to the untenable rate.
And Nicolas Sarkozy, former France president, is rumored to be considering a move to London for similar economic reasons, according to The Independent.
© Copyright 2013 The Washington Times, LLC. Click here for reprint permission.
Cheryl Chumley is a continuous news writer for The Washington Times. Previously, she was part of the start-up team for The Washington Times’ digital aggregation product, Times247. She’s also a 2008-2009 Robert Novak journalism fellow with The Phillips Foundation. She can be reached at email@example.com.
By James A. Lyons
By arming the rebels, we're aiding al Qaeda
Independent voices from the TWT Communities
A collection of reader guest articles, thoughts and opinions by Communities writers and breaking news and information.
News and opinion from a Millennial Urbanite with Southern sensibilities,
Politics and pop culture from the perspective of an independent hip-hop conservative
Positive propaganda for a nation in peril.
World's Ugliest Dog Contest
Spelling Bee finale
Marines train Afghan soldiers
Rolling Thunder 2013
Benghazi: The anatomy of a scandal