Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
[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
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