Billions bill -

Billions bill

The protest movement destroys the French budget and increases public debt.

Billions bill

The external debt of France in the third quarter of this year, as recently reported by a well-informed Paris newspaper, read off scale for a symbolic mark of 100 percent (more precisely - 100.4 percent) of GDP. The specific amount of the country's debt now stands at 2.415 trillion euros. Thus, the limit set by the European Union is blocked and, we note, a very generous limit for this indicator of 98.9 percent of GDP.
According to local experts, this is an alarming signal, especially considering that during the presidential campaign, Emmanuel Macron promised to reduce this debt by five percent by the end of his term at the Champs Elysees. What are the reasons for the situation in which, the newspaper stresses, "everything went wrong as it was originally intended"? In addition to the general slowdown in economic growth, there are several of them. And all of them mainly fall on this year. First, a blow to the French economy was dealt by the protest movement of the "yellow vests." According to official figures, only the "living forces" of the country - entrepreneurs and businessmen - did it damage two and a half billion euros. This is not to mention the fact that the state had to urgently allocate in order to bring down the intensity of the "yellow passions", over 20 billion euros, reducing taxes for a number of categories of the population, paying "fire" subsidies, which, of course, were not provided for by the budget. Only one insurance agency had to pay almost a quarter of a billion euros to retail outlets, restaurants and other local catering facilities that suffered in Paris, Nantes, Montpellier and dozens of other cities from the day-to-day riots of “yellow-headed” and aggressive anti-globalist elements.
Secondly, it is a protest that broke out across France against pension reform, initiated by the president himself, who elected his prime minister, Edouard Philippe, to be the executor of the explosive initiative. Were the cabinet ministers supposed in the residence that the reform, designed to radically change the pensions of the French, would provoke such fierce resistance from all the trade centers of the country, including even the most moderate? The December storm not only brought hundreds of thousands of people to the streets, but also blocked the railway connection, and in Paris and its environs it almost completely paralyzed public transport, primarily the metro and the network of suburban trains. The strikers made only a slight relief these days, when the French, according to a long-established tradition, celebrate the main family holiday - Christmas.
As calculated by the French Confederation of Small and Medium Enterprises (CPME), at the microeconomic level, the day of the strike - and it is, we note, unions declared indefinite - costs the country 400 million euros. Moreover, according to the president of the confederation Francois Asselino, half of this amount falls on the metropolitan region of Ile de France, which is particularly suffering from transport collapse.
Who bears the loss? Of course, all the same merchants whose sales in December fell by an average of 30 percent or more, hotels and the tourism business as a whole - foreigners, having heard about the situation in Paris, prefer more relaxed routes, and those who have already booked hotels take orders. So, if you use the CPME calculations, it turns out that today the damage from the current strike exceeds seven billion euros, which will negatively affect public finances and, most likely, the public debt.

24.12.2019 06:53:21
(Automatic translation)

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