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France is "going out of business" France is "going out of business"
by Joseph Gatt
2007-09-29 09:59:03
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French Prime Minister François Fillion said on French national television that the French State is “out of business”. Though there were strong reactions condemning the Prime Ministers comments, it reveals that France no longer is the economic powerhouse it used to be.

The economic situation in France has gone from bad to worse. Though France is the world’s sixth largest economy, is has the reputation of being a state that spends a lot for the wellbeing of its people, and that collects a lot of money from its rich people. Famous singer Serge Gainsbourg, protesting against the French state’s excessive taxation policy towards rich people, burned a 500 francs bill live on television back in 1984. Today, the country’s rich people have all settled in tax havens. France therefore collects no money from its rich people and still distributes money to its poor people, claiming that the state should have social equality.

France has a social infrastructure like no other country. Healthcare, education (including higher education), housing and the retirement system are partly or fully state-funded. And if that were to change, the country would experience turmoil or possibly civil war, since people usually go on strike for less than that. Students are granted free education but still complain about the system and often demonstrate for more university funding. Yet, figures show that the trend should change one way or the other.

France has the world’s lowest poverty rate, and despite that, it is the country where people demonstrate and go on strike the most. Having the lowest poverty rate did not prevent the 2005 riots, and does not mean that France has achieved social equality. There are striking discrepancies in terms of revenue, especially as far as ethnic minorities are concerned. The problem is that France does not consider ethnicity in its statistics and has therefore silenced that fact.

The biggest problem in France is its public debt. In 2006, it reached 64.2% of its GDP, going over the Maastricht Treaty Stability Pact limit of 60%. Therefore, the EU is carefully monitoring the evolution of French public debt. Though France has tried to limit its debt by reducing its defense budget, it has not been enough.

Saying that France is out of business means that France might quickly end up in the category of heavily indebted countries. France elected a president that promised to take care of those damn immigrants and scum, mostly children of damn immigrants, but when electing him, French people did not think about financial implications. Of course, in France the blame for all this will go to… guess who? Immigrants.

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Emanuel Paparella2007-09-29 12:34:30
Insightful and frank comments. No Napoleonic hidden agenda here advocating pan Europeism rethorically but the greater France in practice. One cannot but wonder if those same frank comments would ever get posted in an on line publication such as Newropeans. I doubt it, but I am ready to be pleasantly surprised.

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