France's newly elected Socialist government has just decided to lower the retirement age to 60. From now on, no Frenchman will be forced to work any longer just because it might help kick-start the country's flagging economy. And there's no way the French are going to work as long as their poor fellow Europeans in Germany, whose government is obliging them to labor and toil until age 67...
Hollande's policies depend on foreign creditors being willing to lend him the necessary funding, but their read on things differs from that of the domestic electorate. Since they're worried about whether they'll ever see their money again, they're demanding higher risk premiums. One path to fresh capital with cheap conditions leads to the savings of Germans -- which also explains why the French government has been so badger-like in its championing of euro bonds and, more recently, a banking union.If you borrow a million Euros from the Germans and you can't pay them back, you've got problems. If you borrow three hundred billion Euros from the Germans and you can't pay them back, they've got problems.
It looks like the slothful, childish Eurosocialists outside of Germany have figured this out.
1 comment:
The only way the Euro Socialists will change is after they have destroyed Germany as well.
Those retirement policies should be compulsory for the politician.
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