Financial Crisis

The War of the Roses: Cabinet Shake Up Reflects Dissension Amid Socialists

“Should we now apologize for being on the left?” asked now former Minister of Culture Aurélie Filippetti. Those words could aptly describe the political earthquake that shook the French government on Tuesday, when French Prime Minister Manuel Valls proclaimed a new list of cabinet ministers. Valls was designated PM just six months ago following the socialist defeat in municipal elections in May. This decision came following controversy Monday, when Minister of Economy and Productive Recovery Arnaud[Read More…]

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

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 expensive properties, with the listing price for the French ambassador’s current home clocking in at 48 million dollars. France is[Read More…]

Moody’s Remains Skeptical of Hollande’s Economic Policies

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 hint of disapproval. Despite the maintenance of the credit rating, Moody’s has announced its skepticism of Hollande’s economic policies. The[Read More…]

Unemployment in France Spikes at End of Year

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 showed the addition of 17,800 more people actively seeking unemployment, bringing the total number of people unemployed to 3,555,200.  This[Read More…]

Defense Company’s Cuts to Affect French Employment

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 when European defense budgets are being cut, the company is under pressure to become more competitive. The defense and space[Read More…]