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