FRENCH ministers have been given a week to come up with a new range of cost-cutting measures aimed at slashing the country's budget deficit and reassuring the nervous stock markets.
President Sarkozy called ministers back from their holidays for an emergency meeting in the Elysée yesterday, where they discussed France's response to the global financial crisis.
Share prices have plummeted this week because of concern that France might follow the United States and lose its prestigious triple-A credit rating. Société Générale bank lost more than a fifth of its market value at one point as rumours spread about its financial stability.
Sarkozy has asked finance minister François Baroin and budget minister Valérie Pécresse to present their money-saving proposals to him by August 17, when he will meet prime minister François Fillon to discuss what moves to take.
The proposals are likely to include more tax reforms, including the scrapping of a number of tax breaks (niches fiscales).
Thursday, August 11, 2011
President Sarkozy called ministers back from their holidays
This news is that a second head of state within two days calls on his government leaders to come back from holiday and deal with the problems at hand, be it fiscal or mob related. And what does our President have planned for his weekend? Not calling back Congress but heading to a fun filled vacation with the family (how many vacations does Michelle Obama need anyway). The world is burning down, literally, and our President's priority is eats ice cream with the girls.