France Sells Prestigious Ambassador’s New York Apartment to Meet Budget Cuts

Park_Avenue_01

France is currently undergoing a number of impressive cuts in order to bring its growing budget deficit down by 50 billion euros, to meet European Union regulations. One such recourse—selling the French ambassador’s 18-room duplex at 740 Park Avenue in Manhattan. Nicknamed the “Millionaire’s Building,” 740 Park Ave. is one of New York City’s most […]

Moody’s Remains Skeptical of Hollande’s Economic Policies

François Hollande.
Illustration by Peter Ansell for La Jeune Politique

Credit rating giant Moody’s has decided to maintain France’s credit rating as Aa1 or AA+, the second highest rating on its credit scale. The stability of the credit rating came after France’s economic policies underwent their first major test of the year in the markets on January 24. Moody’s outlook, however, is tinged with a […]

Unemployment in France Spikes at End of Year

Labor Minister Michel Sapin. 
Photo: Flickr.com/besoindegauche
http://www.flickr.com/photos/besoindegauche/7184870207/sizes/z/

The rate of unemployment in France rose 0.5% in November, reversing a six-month trend in declining unemployment, a positive trend which continues to be referenced by President François Hollande as the fiscal year draws to a close. A monthly data report released by Pôle Emploi (a French government agency focused on unemployment) on December 26 […]

Defense Company’s Cuts to Affect French Employment

Photo: Wikimedia Commons/Flox Papa

Earlier this month, the European Aeronautic Defense and Space Company (EADS) unveiled plans to cut 5,800 jobs in several European countries – Germany, France, England and Spain. The cuts come just one year after a merger of EADS and BAE Systems, a British defense company, fell through due to opposition in Germany. At a time […]

Downgrade Sparks Criticism from Government and Rating Agency

Photo: Flickr.com/Funky Tee

On November 8, for the second time in less than two years, Standard & Poor’s downgraded France’s sovereign debt rating to “AA with a stable outlook,” according to the agency’s report. France’s rating was last downgraded in January of 2012 from AAA to AA+, when Nicolas Sarkozy was still leading the country. The rating agency’s […]

Bonnets Rouges Fight Against Unpopular Eco-tax

Photo: Flickr.com/Espai pels Drets Col·lectius dels Pobles

A movement calling itself the bonnets rouges (red caps) has emerged in France in the last month, in response to the impending establishment of the eco-tax. The group’s name refers to a very well known a revolt in Brittany – and symbol of the fight against taxes and for social equality – during the reign […]

Minor Retirement Reform Raises Long-Term Questions

On October 15, a retirement reform measure passed in the House by a slim majority, 170 votes to 149. Two political parties, the Front de Gauche (FG) and Europe Écologie – Les Verts (EELV), along with 17 Parti Socialiste (PS) members, abstained. The bill must still pass through the Senate before becoming a law, but […]

Hope for Major Fiscal Reform “Buried”

The National Assembly has not seen substantial progress in tax reform under Hollande. Photo: R/DV/RS for flickr.

Institution of a major fiscal reform plan was the keystone and fourteenth major commitment of François Hollande’s 2012 presidential campaign. As a candidate, he emphasized the necessity for a “fiscal revolution” overseen by the next executive. The goal was to combine the taxes contributing to social security and absorption of associated debt with the income […]

Disappointing EU Factory Data Raises Doubts About Recovery

A factory in Rotterdam, The Netherlands, one of several Eurozone country that have seen disappointing manufacturing numbers of late. Photo: zoetnet for flickr

Eurozone manufacturing numbers plunged in July to their lowest level in three years, according to newly-released macroeconomic data. A fall of 1.5% in industrial output was reported across the 17-country Eurozone, instead of the 0.1% increase forecast by economists. The drop, reported by European Union statistics agency Eurostat, raises serious questions about whether European leaders […]

Approval Ratings for Hollande, Ayrault Rise

President Hollande's approval ratings have risen slightly of late.  Photo: Studiotobago for flickr.

Things may be looking up for French President François Hollande, as his approval ratings rose 2% to reach 32% on September 3. Those of Prime Minister Jean-Marc Ayrault also rose 2% to reach 38%. Results were measured according to a survey conducted by marketing firm Institute français d’opinion publique (IFOP). According to the survey, 67% of […]

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