- France will pay more interest on state borrowing, scheduled to be 180 billion euros this year, further boosting state debt;
- Local authorities’ debts will get bigger – many owe large amounts to banks whose interest rates will go up – pushing up local taxes;
- State institutions, such as social security, will pay higher interest rates, as will companies that are all are part-owned by the state;
- Mortgages and other personal loans in France and other downgraded countries may become more expensive;
- Foreign investors, such as pension funds, may put their money elsewhere;
- Europe will have more austerity – finance ministers say they will agree a new treaty to tighten fiscal rules at the end of the month;
- Some European banks may be downgraded because their governments are seen as too risky to back them up if necessary;
- The European Financial Stability Fund - the eurozone bailout fund - could be downgraded since its rating depends on that of the six top-rated countries;
- Nicolas Sarkozy will die (electorally) - "If France loses its AAA, I'm dead," he told aides in October, according to Le Canard Enchaîné weekly.
Tuesday, 17 January 2012
Monday, 9 January 2012
Ferry firm SeaFrance is to shed 127 jobs in Dover after it was liquidated by a French court and told to cease activity.
The Tribunal de Commerce decided SeaFrance's future after a bailout by the French government was ruled illegal by the European Commission.
The court also said an offer by a cooperative of employees was not acceptable.
Hundreds of jobs in France are also expected to be lost.
Three ferries were operated by SeaFrance on the Dover to Calais route. The service was suspended in November.
Conservative MP for Dover and Deal Charlie Elphicke said: "It is a real concern for the... people in Dover who have worked for SeaFrance and also their families.
"This is a difficult day and I think the heart of the whole community goes out to them.
Thursday, 10 November 2011
Thursday, 6 October 2011
Thursday, 23 June 2011
The decision to abandon the idea was taken over the weekend at a meeting between President Nicolas Sarkozy and the Minister of Budget, François Baroin.
The meeting was also attended by a group of senators representing French nationals living abroad, who would also be caught by the new tax.The actual cost to home owners would have only been a few hundred Euros a year, but it is a great relief to home owners who are already struggling with the increased costs in running a second home.
Friday, 10 June 2011
Have you ever noticed this sign when waiting to pay at French tolls, and then seeing other vehicles drive up to the barrier and without stopping the barrier lifts and away they go?