At the news kiosk across the Seine from Rue de Solférino, famed as the home to France's Socialist party, L'Express magazine's front page proclaims from the stands: "La faillite, c'est maintenant."
Faillite is a strong word. It translates as "collapse" or "bankruptcy" and the line plays on President François Hollande's 2012 election slogan: "La change ... c'est maintenant."
THE PRESIDENT'S CHALLENGES
Budget deficit Telling Angela Merkel that France will not meet its obligation to reduce its public deficit to 3% of GDP by 2015 – it is likely to be nearer 4% – is going to be difficult. The EU has already given France two chances to meet this target but is running out of patience.
Social security Hollande's "responsibility pact" was designed to reduce social security charges levied against companies in return for job creation. It was launched as a surefire way of giving the economy a kick by making French business more competitive. However, earlier this month the courts rejected part of this reform – reducing social charges for low-paid employees – as unconstitutional.
Unemployment Hollande has repeatedly promised to reverse the upward trend of unemployment by the end of 2014. This now looks impossible. The number out of work in France continues to rise and now stands at 10.1% and rising.
Growth France has been forced to revise its economic growth predictions for 2014 from 1% to 0.5%. The average for all EU states is 1%.
From the Guardian
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From the Guardian
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