Greece: Of paupers and taxes | 143 comments (143 topical, 0 editorial, 0 hidden)

Re: Isn't it rather obvious (none / 1)

Hollande also wants to appear "fiscally responsible" and his government was committed to destroying the solvency of the French private sector. Now that they have plunged France into a recession they regret they won't be able to meet the 3% deficit target this year, but they remain committed to the longer term targets.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

by Carrie (migeru at eurotrib dot com) on Sun Feb 17th, 2013 at 09:47:49 AM EST
[ Parent ]

Re: Isn't it rather obvious (none / 0)

Migeru:

his government was committed to destroying the solvency of the French private sector.

Why do you say that?

Migeru:

Now that they have plunged France into a recession

France has been in recession for a lot longer than the last eight monts.

Hey, Grandma Moses started late!

by LEP on Sun Feb 17th, 2013 at 10:04:51 AM EST
[ Parent ]

Re: Isn't it rather obvious (none / 0)

I should have said that France has been flirting with recession for a lot longer than the last eight months.

Hey, Grandma Moses started late!

by LEP on Sun Feb 17th, 2013 at 10:22:53 AM EST
[ Parent ]

Re: Isn't it rather obvious (4.00 / 2)

Sarkozy's conservatives flirting with recessionary policies was par for the course, them being conservatives. Hollande has been a disappointment. Predictable, but a disappointment.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

by Carrie (migeru at eurotrib dot com) on Sun Feb 17th, 2013 at 10:34:43 AM EST
[ Parent ]

Re: Isn't it rather obvious (4.00 / 4)

Migeru:
[Hollande']s government was committed to destroying the solvency of the French private sector.
Why do you say that?

I believe you may have been off the blog last August, when I wrote The Eurozone's giant sucking sound

Take, for example, France:

If France were to bring its Government deficit below 3%, it would destroy the ability of the French private sector to net-save, assuming the current account deficit stays on trend (and it should: Germany's 6% current account surplus is as stable as if it were a successful policy target, and the Eurozone's neutral current account balance is consistent with the ECB pursuing a non-interventionistic foreign reserve policy).

Six months later, Ayrault has conceded the "unexpected" recession prevents him from meeting the 3% target.

I distribute. You re-distribute. He gives your hard-earned money to lazy scroungers. -- JakeS

by Carrie (migeru at eurotrib dot com) on Sun Feb 17th, 2013 at 10:47:12 AM EST
[ Parent ]

Greece: Of paupers and taxes | 143 comments (143 topical, 0 editorial, 0 hidden)

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