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Wednesday
Oct012014

France Produces a ‘No Austerity’ Budget, Defying E.U. Rules

The article below reports on the latest budget measures from France and for me it signifies the end of the euro as France will likely elect the 'Front National' into the Presidency in 2017 and then they will scrap the euro and return to the french franc. EU: RIP

PARIS — France declared independence from the European Union’s austerity-budget regime on Wednesday. But a sharp political reaction at home made clear how difficult it may be for President François Hollande to lead the nation’s flagging economy back to steady growth.

Under pressure from the European Union to mend its finances, officials in Mr. Hollande’s cabinet presented a budget blueprint designed to cut 50 billion euros, or $63 billion, in domestic spending over three years. But they refused to implement the cuts any faster than that, warning that doing so would endanger the country’s feeble economy.

“No further effort will be demanded of the French, because the government — while taking the fiscal responsibility needed to put the country on the right track — rejects austerity,” the government said in a statement.


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