France socialists on fire.......
In light of the EC's rejection of Valls' request for more time to meet deficit reduction targets, its safe to say a French spending spree is not coming. It will be amusing to see what sleight of hand magic Hollande proposes in its next budget proposal to Brussels.
Mike "Mish" Shedlock
Mike "Mish" Shedlock
Via translation from Guru's blog, paraphrasing a bit because of a difficult translation, please consider So Much Pain for Virtually No Reward, Fire the CEO.
Sunday, April 06, 2014 1:28 PM
French Socialists Revolt Against Prime Minister, Threaten Vote of No Confidence
Further compounding president Francois Hollande's problem with the European Commission Rejection of France's Proposal for Deficit Target Leniency, the socialists are in open revolt against new Prime Minister Manuel Valls.
The socialists consider Valls as too pro-business. They want less austerity and a reduction in personal taxes, not corporate taxes. And they are against Hollande's "responsibility pact" proposal that would reduce labor costs and cut government spending.
Via translation from Les Echos, please consider Socialist MPs Threaten a Vote of No Confidence on Account of Valls
The socialists consider Valls as too pro-business. They want less austerity and a reduction in personal taxes, not corporate taxes. And they are against Hollande's "responsibility pact" proposal that would reduce labor costs and cut government spending.
Via translation from Les Echos, please consider Socialist MPs Threaten a Vote of No Confidence on Account of Valls
Nearly a hundred of Socialist deputies signed a document calling for political change of course and threaten a vote of no confidence in the government on Tuesday. The members of parliament (MPs), groggy out of defeat in local elections, gain momentum to contest the elements of "pact of responsibility."Demand Shock Spending Spree Not Coming
Jean-Marc Germain, leader of "rebuilders" and very close to the mayor of Lille Martine Aubry, warned Friday that 65 members wanted to get "insurance", including a stronger role for Parliament. Ranks have swelled with the release of a "contract of majority" launched by Pouria Amirshahi among others, Jean-Marc Germain or Laurence Dumont, Vice-President of the Assembly.
This text calls for the Government to consult further their majority and to reorient its policy and that of Europe to fight austerity, investing directly for employment and to favor a "demand shock" through measures favor of purchasing power.
President Francois Hollande promised on Jan. 14 to engage the responsibility of the Government to the pact of responsibility, which includes a reduction of labor costs by 10 billion euros. But the government reshuffle and increasingly hard criticism by the socialist majority have changed the situation.
The absence of policy change line has weighed heavily in the decision environmentalists and casts uncertainty over their vote Tuesday. François Hollande and his government are thus caught between two fires, the majority of which are increasingly demanding the end of austerity and that of the European Commission, for the moment, refuses to France a additional time to achieve its deficit reduction.
In light of the EC's rejection of Valls' request for more time to meet deficit reduction targets, its safe to say a French spending spree is not coming. It will be amusing to see what sleight of hand magic Hollande proposes in its next budget proposal to Brussels.
Mike "Mish" Shedlock
Saturday, April 05, 2014 9:07 PM
Brussels Says "No" to France Proposal for Deficit Target Leniency
Francois Hollande's new government is of to a shaky start.
The European Commission told Manuel Valls, Hollande's new Prime Minister to "be more like Spain", and impose more austerity to meet deficit targets. The irony of course is that Spain has failed at least three times to meet repeatedly watered-down deficit targets.
Via translation from El Pais, please consider EC Says No to Valls Deficit Request.
The European Commission told Manuel Valls, Hollande's new Prime Minister to "be more like Spain", and impose more austerity to meet deficit targets. The irony of course is that Spain has failed at least three times to meet repeatedly watered-down deficit targets.
Via translation from El Pais, please consider EC Says No to Valls Deficit Request.
The flamboyant French Prime Minister, Manuel Valls, asked the European Commission to grant him leniency on meeting deficit targets in exchange for reforms, cuts to public spending, and tax breaks. Valls received yesterday the Commission response: No. No way. There will be none of that.Olli Rehn's notion that the eurozone is in full recovery is of course laughable. As for negative surprises, expect to see plenty of them.
German Finance Minister, Wolfgang Schäuble, suggested that France had been given leeway twice already, and a third time could be counterproductive. The vice president even Economic Affairs Commission Olli Rehn, yesterday got out the glove and categorically ruled out more time to Paris.
"An extension of the deficit targets for France would be justified only if there are negative surprises. And there is nothing like that on the horizon. The eurozone is in full recovery, "he told Reuters. That view is shared by President José Manuel Durão Barroso and Jean-Claude Juncker.
Rehn cited as models for France to countries that have made reforms, such as Germany and more recently, Ireland, Latvia and even Spain, although in three cases the results still leave much to be desired.
In April, Paris must send their tax plans to Brussels. And that's when the mess really starts.
Mike "Mish" Shedlock
Saturday, March 29, 2014 9:16 PM
Spain Misses 2013 Budget Deficit Target in Spite of Massive Tax Increases; So Much Pain for Virtually No Reward
The official results are in. Spain missed its budget deficit target considerably by reasonable reporting, barely by another.
Spain's Budget Deficit Only Two Tenths Lower in 2013 Despite Massive Tax Increase
Via translation from Libre Mercado please consider Spain's Budget Deficit Only Two Tenths Lower in 2013 Despite Massive Tax Increase.
Spain's Budget Deficit Only Two Tenths Lower in 2013 Despite Massive Tax Increase
Via translation from Libre Mercado please consider Spain's Budget Deficit Only Two Tenths Lower in 2013 Despite Massive Tax Increase.
Spain's budget deficit fell from 6.84% of GDP in 2012 to 6.62% of GDP last year.So Much Pain for Virtually No Reward
The budget goal was far less ambitious than previous, but still did not met the commitment to Brussels. The Government has published today the first official public deficit figure for the end of 2013, there will be new reviews in the coming months and a year, but Spain has deviated from the intended target.
Specifically, the government recorded a hole of 6.62% of GDP in 2013 (67.755 billion euros), one tenth of a percentage point above the limit of 6.5% agreed with the European Commission, according to Finance Minister Cristobal Montoro, in a press conference after the Council of Ministers. However, the announced figure does not include the cost of financial aid reported last year (0.46%), so that the actual deficit stood at 7.08% of GDP.
Via translation from Guru's blog, paraphrasing a bit because of a difficult translation, please consider So Much Pain for Virtually No Reward, Fire the CEO.
Happy and content as a lark, Montoro proudly announcing that Spain "almost" met the deficit target.Mike "Mish" Shedlock
The Spanish public deficit closed at 6.62% of GDP in 2013, slightly more than a tenth above the target of 6.5% agreed with the European Commission (well the first we agreed if I remember correctly was 4.5%)
Are you telling me that this is all we get for so much pain? Well, boys and girls, something has gone badly wrong.
I can tell you this: If I focus on the cold numbers, the deficit fell only 2 billion euros with a gap of almost 68 billion (excluding aid to banks). Please fired the CEO of this company.
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