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« The Most Bullish Sign For Gold: Falling Inflation | Main | Greece isn't the problem, Italy is! »
Sunday
Nov062011

The Heat moves to France

 

As the Greeks look to remove their embattled Prime Minister in order to form a new coalition government in an attempt to salvage their euro status, the spotlight turns to France, where a new set of austerity measures will be announced on Monday.

Their AAA status in the financial community is very important to them, so they are looking to preserve this enviable position via the austerity route. The grand plan will be unveiled by Prime Minister François Fillon at around midday, so it will be worth noting just what it consists of and how well it sits with the people of France. The union movement is alive and well in France and they are well coordinated, so if it is not to their liking expect disruptive action of some sort to be enacted. The President, Nicolas Sarkozy has stated that they need to pass an additional €6 billion to €8 billion of austerity measures, in order to safe guard the state coffers. France intends to reduce its deficit from 5.7% of gross domestic product (GDP) this year to 4.5% next year, in an attempt to get down to the 3% limit set by the European Union, by 2013.

France is the euro zone's largest economy behind Germany, so we see this as crucial to the survival of the French President and also as setting an example for others to follow. If this package is rejected then we will need a new acronym as we add the 'F' letter to the PIIGS.

Its now the season of belt tightening and all the participants need to bite the bullet if they are to stand any chance of stopping their budgets from ballooning.

If this package meets with outright rejection then then Mr Sarkozy could be living on borrowed time and shortly find himself in the same predicament as Mr Papandreou.

Now take a look at this short list and ask yourself who, if any, will survive their next election campaign?

  1. Barak Obama

  2. Angela Merkel

  3. David Cameron

  4. Nicolas Sarkozy

     5. Silvio Berlusconi

We doubt if one out these five incumbents will live to fight another day and wonder what the political landscape will look like then, as the new boys on the block look to make their mark?

 All bets will be off and we will bobbing around on a sea of uncertainty.

Hold on to your hats its going to be rather bumpy from now on in. 
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