I am going to use two news sources here, Liberation and L'Expansion to dissect the proposed 2013 French budget, which was released earlier today. France is significant because, along with Germany, it represented the pre-crisis axis around which the euro zone turned. France has moved to the left with its President Francois Hollande and that has shifted policy in the euro zone. Moreover, unlike Germany, at times France has found itself on the wrong side of euro zone bond vigilantes. Nevertheless, Hollande is supposedly going to cut and tax to meet deficit targets like the rest of the euro countries.
Liberation, a centre-left newspaper, touts this budget as the most important since 1945. In terms of actual spending, this budget is not really very austere. 12,298 staff cuts are proposed in th...
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Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty five years of business experience. He has also been a regular economic and financial commentator in print and on television for the past decade. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College.